Daily Index Cycle update

US equity indexes closed significantly lower, sp -21pts @ 2085. The two leaders - Trans/R2K, settled lower by -1.2% and -2.1% respectively. With April ending on a dour note, near term outlook is moderately bearish. It is highly notable that core rising support for the sp'500 will be around 2025 in May.


sp'daily5

R2K

Trans

Summary

We now have clear breaks of rising trend on the two leaders - Trans/R2K.

Despite a closing hour bounce, the sp'500 failed to claw back above the 50dma of 2090.

Underlying MACD (blue bar histogram) cycles are turning negative across all indexes.. with momentum clearly swinging toward the bears.

Things are getting marginally interesting.

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a little more later... with bits and pieces on some of the monthly closes