Daily Index Cycle update

The main indexes closed moderately lower, with the sp -6pts at 1691. The market leaders of Trans/R2K slipped by 0.6% and 0.1% respectively. Certainly, not the most bearish of days to end the week, but neither do the bulls have a weekly close in the sp'1700s.


sp'daily5

R2K

Trans

Summary

Another week comes to a close, and the market fails to close on a high..the horror!

The sp'1709 high is now a good 1% away, and the bulls should be at least mildly concerned that the weekly charts are highly suggestive of a rollover into mid September.

Underlying MACD (blue bar histogram) cycle ticked lower for a fourth day, and the trend indeed remains 'moderately bearish'.

The target for Monday remains sp'1675, with VIX in the 14/15s.

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a little more later...