Daily Index Cycle update

The main indexes closed generally higher, with the sp +5pts @ 1761. The two leaders - Trans/R2K, closed +1.0% and -0.4% respectively. There is clearly some distinct weakness in the market since the strong ramp from sp'1646. However, a break <1700 looks unlikely in the near term.


sp'daily5

R2K

Trans

Summary

A rather subdued end to the week for the US market, with equities seeing some minor chop, but managing to build gains in the late afternoon.

Most notable was the 1% gain in the Transports, coming close to breaking a new high!

Underlying price momentum is however gradually swinging back to the equity bears, although I'm guessing the 1730s will be about as low as we can go..before the next wave higher into the low sp'1800s
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a little more later..