Daily Index Cycle update

The US indexes again closed very mixed. The SP and Dow closed moderately higher, but for the second consecutive day, the Trans and Rus'2000 saw notable declines of 0.6 and 1.2% respectively. The R2K is now below key rising support, Trans looks set to break it next.


IWM

SP

Trans

Summary

So, the headline SP/Dow indexes closed a little higher, but again the two market leaders - Trans/R2K closed red. This is surely the key issue so far this week.

The R2K especially looks like its in the very early stage of what I believe will be a multi-week down cycle. First soft support for IWM is the 50 day MA in the 91.40s, that's another 1.2% lower.
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SP' needs to take out the previous low of 1538 to arguably confirm that the bigger cycle from the November low of 1343 is indeed complete.
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We could still chop around for another week or two, but I have to believe...we're about done in this multi-month up cycle. Now its just a matter of trading the waves lower across April and May.

a little more later...