Daily Index Cycle update

US equity indexes closed broadly higher for the second consecutive day, sp +17pts @ 2038. The two leaders - Trans/R2K, settled higher by 1.5% and 0.9% respectively. Near term outlook offers a lot of chop, but with underlying seasonal upward pressure. Right now, a year end close >2065 looks probable.


sp'daily5

Trans

Summary

*first upside target on the 'old leader' - Transports, remains the 200dma.. currently in 8200s.

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As for the sp'500, a year end close above the 50/200 day MA's looks probable. It is difficult to say if the market will manage a Dec'31st settlement >2100.
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a little more later...