Daily Cycle Update

Just a little update on the daily cycles for the various indexes. Rather than look at charts with a lot of annotations, lets keep it simple for Friday night. Just the 'rainbow' style - 'Elder Impulse System'. I find it is often a good reminder of whether the trend is broadly bullish, mixed..or bearish. Right now we have 6 indexes..and they all closed with a red candle today.


IWM, daily

Nas' Comp

Dow

NYSE Comp

SP

Transport

Summary

All 6 indexes are giving sell signals (although I recognise some would argue whether a red candle denotes a 'sell signal', its just my view!). Dow remains the strongest index (see how high is it above its lower bollinger band), compared to other indexes.

From a MACD (green bar histogram) cycle perspective, only 3 indexes are negative at the moment, but the Dow, NYSE Comp, and the Transports should also go negative on Monday. That will be an added sell trigger for those algo-bots I believe.
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So, a good end to the week for the bears. The trend -at least in the very near term, is now bearish.

Have a great weekend! 

Closing Brief

A very nice close for the bears. A close under 1380 seemed the 'best hope' this morning....the actual close of sp'1369 is a real bonus.


SP'60min

IWM'60min

VIX'60min

VIX looks like its setting up with a baby bull flag for Monday..with first target of 20/21.
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Thats all for now, daily cycle update later in the evening.

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Weekly/monthly cycle updates across the weekend!

3pm update - falling into the weekend

An exciting closing hour is ahead. Who (human or algo bot) wants to hold long across the weekend? Lets see how many of the rats decide to bail ahead of the multiple European elections this weekend. A close of sp'1365 or lower would be a few bonus points lower for the bears.

Bears should however be already satisfied with today's action, the multiple bearish confirmations on the hourly and daily cycles are more than enough to give good confidence for much lower levels across next week.


Sp'60min

A close under the 10MA - currently 1378 would be 'useful'

More after the close
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*I will post the weekly cycles later this evening, as part of the weekend coverage :)