Daily Index Cycle update

The US market saw a very strong reversal. Opening moderate gains of 0.5% failed by late morning, and with a rather severe fall in the closing hour, most indexes lost around 2%. The VIX surging 35% confirmed the first very strong down day since early November.


IWM, daily

Sp'daily5

Trans

Summary

First, I would say it was VERY pleasing to see some good price action today.

The opening gap higher was very annoying of course, but it did indeed fail..and we even hit the first target of sp'1490 by the close.

Next target is sp'1480...supported by the fib' chart, where the 50 day MA is lurking, and where is the huge support on the rising channel.
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A little more later.