US equity indexes closed significantly lower, sp -26pts @ 1990 (intra low 1979). The two leaders - Trans/R2K, settled lower by -2.0% and -1.5% respectively. Near term outlook is for continued weakness to the gap zone of 1954/51. The bigger weekly/monthly cycles are more suggestive of 1920/00.
*a new multi-year low for the Trans of 7187.
As for the sp'500, further weakness to the 1960/50s looks a rather straight forward target. Whether the market will see extra weakness to the weekly/monthly lower bollinger - in the 1920/00 zone.. difficult to say.
In any case... mid term outlook is 100% bearish.
a little more later...