Daily Index Cycle update

US equities closed broadly lower, sp -14pts @ 2077 (intra low 2066). The two leaders - Trans/R2K, settled lower by -0.9% and -1.6% respectively. Near term outlook remains for the sp'2115/20 zone... but any daily close under the 200dma (2064) would be a real problem


sp'daily5

Trans

Summary

*Trans' remains a problem for the equity bulls, with a borderline sig' daily decline in the 7800s. First target is the 200dma in the 8300s. Right now, that target looks at least a few weeks away.
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As for the sp'500, there is a viable short term floor of 2066...  first target remains 2115/20 zone. If the market can cope with the fed raising rates.. then 2150/70 zone before year end.

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a little more later...