Daily Index Cycle update

US equities closed moderately weak, sp -9pts @ 2098 (intra low 2087). The two leaders - Trans/R2K, settled lower by -0.4% and -0.3% respectively. Near term outlook offers the sp'2060s, along with VIX 17s. Broader trend remains powerfully bullish, and the sp'2200s remain a valid target for early summer.


sp'daily5

Dow

Summary

Little to add.

Market appears in a minor cooling phase, having seen a 7% ramp since early February.

Primary downside target remains sp'2065... which would likely equate to VIX in the 17s.
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Closing update from Riley


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a little more later...