Daily Index Cycle update

The main indexes saw renewed significant weakness, including an especially weak closing hour. The sp' closed -1.2% @ 1573, with the Trans -2.0% @ 5990. Hourly charts are offering a brief bounce, but primary downside remains the low 1500s, where the 200 day MA is lurking.


sp'daily5

R2K

Trans

Summary

This mornings down open was not what I was expecting. Indeed, the hourly charts were looking pretty positive at the Friday close.

Yet, with overnight weakness in Asia, and the 10yr yield spiking into the 2.60s, the market was again getting upset.
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We have some very serious breaks on the daily charts, and there is pretty obvious downside to around 900 on the R2K, sp'1510/00, and 5600s on the Trans.

*I am merely seeking a reasonable bounce, and then to launch a major short. Best bear case downside is the lower weekly bollinger, currently @ 1495..but that target is rising each day.

a little more later...