Daily Index Cycle update

The main indexes were weak across the day, and closed very near to the lows. The sp' close of 1608 is now offering the bears immediate opportunity to hit the widely targeted 1600/1597 area. Near term trend remains unquestionably weak, but we're surely getting near to flooring.


sp'daily5

Trans

Summary

Well, yesterday afternoons little rally into the mid 1630s now looks a long way up. On the other side, the big 1600 level now looks viable at the Thursday open.

Best guess...we make a floor within the next day or two..and then 1-2 weeks up - which would take us all the way into June opex.

Hourly index charts (see earlier post) are suggestive of upside tomorrow, but that is very unreliable right now, and a brief hit of 1600 seems more likely than not.

a little more later