Daily Index Cycle update

The headline indexes closed moderately higher, with the sp +4pts to 1694. However, the two market leaders - Trans/R2K, were weak, slipping 0.65% and 0.16% respectively. Near term outlook is moderately bullish, but the sp'1700 wall remains a tough one to break.


sp'daily5

R2K

Trans

Summary

A relatively dull day in market land. The usual moderate morning declines didn't last (no surprise there)..with the bulls buying the dip into the afternoon.

Yet, neither could the bulls manage to push into the low sp'1700s.

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Near term outlook is for further minor chop into opex, before a renewed push lower next week, into the sp'1660/50s.

a little more later...