Daily Index Cycle update

The main indexes all closed somewhat lower, with the sp -10pts @ 1697. The two market leaders though were far weaker, Transports -1.3%, and R2K -1.0%. A new multi-week down cycle into September, looks due to begin within the next few 1-3 trading days.


sp'daily5

R2K

Trans

Summary

So...a little washout in the morning to the 'traditional' time floor of 11am. Interestingly, the market held the lower channel line (see hourly index charts), and the market closed just above support of 1695.

Best guess remains, one further little up wave for the sp'500, maxing out somewhere in the 1715/25 area. Although the Trans/R2K look unlikely to make new highs, and will make for some good divergences between the 'headline' indexes.

a little more later...