Daily Index Cycle update

US equity indexes closed moderately mixed, sp -1pt @ 2049. The two leaders - Trans/R2K, settled lower by -0.8% and -0.1% respectively. Near term outlook offers further upside to the sp'2060/80 zone, not least if WTIC Oil can see a brief surge to the $43/44s. In the next down wave, first soft target will be the 50dma.


sp'daily5

Nasdaq comp'

Summary

The US market continues to regularly break new cycle highs.. and there is currently ZERO sign of a turn/ceiling.

sp'500 - next resistance is the 2060/80 zone. The late Dec' high of 2081 remains pretty damn important, and equity bears really should be desperate for no weekly/monthly closes above there.

nasdaq - next resistance is the 4900 threshold, with a clear gap zone of 4900/5000. Sustained action >5K still looks very difficult.

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a little more later...