Daily Index Cycle update

US equities closed broadly higher, sp +17pts @ 2013. The two leaders - Trans/R2K, settled higher by 1.4% and 0.9% respectively. With a break above the 2K threshold, near term outlook is for a straight run to the 2040/60 zone. The ultimate issue is whether the market can re-take the monthly 10MA.


sp'daily5

Trans

Summary

A rather bullish day for the US equity market.. as another tranche of bears get short-stopped above the psy' level of sp'2000.

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Trans is obviously at declining resistance, but considering the other indexes..the Trans will probably battle upward.. to the 8450/8550 zone.

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a little more later...