Daily Index Cycle update

US equity indexes closed higher for a fourth consecutive day, sp +6pts @ 1999 (intra high 2009). The two leaders - Trans/R2K, setled higher by 0.6% and 0.5% respectively. Near term outlook offers the 2020/40 zone by the FOMC of March 16th. From there, the market should see a critical rollover, and implode to at least the 1600s by June.


sp'daily5

Dow

Summary

Suffice to add, the market coped very well with better than expected net job gains. No doubt though, some are already concerned about a second interest rate increase, but that seems extremely unlikely at the FOMC of March 16th, or indeed until Q4.

The sp'500 is unlikely to see sustained action above the 2020/40 zone, which would equate to Dow 17300/400.

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a little more later...