Daily Index Cycle update

US equities saw another wave of significant declines, sp -15pts @ 1862 (range 1869/20). The two leaders - Trans/R2K, settled higher by 0.2% and 1.1% respectively. Near term offers a further break lower to 1815/00 zone, before a sig' rebound into early November.


sp'daily5

Dow

Summary

Suffice to say, the rather huge intraday declines of around -2.5% were something for the bears to justifiably get excited about. Despite the latter day rebound, with new multi-week lows for equities - FULLY confirmed with a VIX breaking a new multi-year high of 31.06, the market remains in a down trend.

There looks to be further viable downside to the 1815/00 zone tomorrow/Friday... before a key turn occurs.

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a little more later...