Daily Index Cycle update

The main indexes closed moderately lower, with the sp -6pts @ 1756. The two leaders - Trans/R2K, both closed -0.5%. Equity bears look set for minor downside into early November, before much higher levels by late November, when the 1800s will be easily viable.


sp'daily5

Dow

R2K

Trans

Summary

The initial sign of an equity rollover we saw yesterday has been confirmed with today's closing daily candles.

Further downside to the sp'1730s appears a very valid target, before a renewed push higher into the 1800s.

I just can't see sub'1700 in the remainder of this year. Underlying pressure remains strongly to the upside, not least helped by continued QE of $85bn a month.
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a little more later...