Daily Index Cycle update

The main indexes were weak for the entire day, with the sp'500 closing -8pts at 1685. The two market leaders - Trans/R2K, saw more significant declines of 0.8% and 0.4% respectively. The market remains stuck between resistance of 1700 and support of 1675.


sp'daily5

R2K

Trans

Summary

A pretty dull day in the main market, even though we did close somewhat lower.

Until we get a clear break either above 1700 (and more importantly 1709), or below 1675, this market is simply adrift. Indeed, this is week'5 of a very narrow 2-3% trading range. Dull dull...dull!
--

With two QEs to end the week, and opex on Friday, it'd be surprising if the bears or bulls break the current trading range.

However, weekly charts continue to suggest the bears will achieve a downside break early next week..opening up a target of 1660/50s.

a little more later...