Daily Index Cycle update

US equities closed broadly weak, sp -13pts @ 2063 (intra low 2052). The two leaders - Trans/R2K, settled lower by -2.8% and -0.4% respectively. Near term outlook is for renewed upside.. first target remains the 2115/20 zone. More broadly.. the 2150s look viable, not least if the Fed raise rates next Wednesday.


sp'daily5

R2K, daily

Trans

Summary

*the weakness in the Transports is decisive now... and we also have a break of trend in the second market leader - the R2K.

Right now, Tranports are a clear red flag warning about the broader market. Usually the main market... will follow.
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As for the sp'500... market was unable to hold the 200dma... and that leans in favour of the equity bears tomorrow.

Cyclically though... we're due to rally from here.
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a little more later....