Daily Index Cycle update

The main indexes closed moderately lower, with the sp -8pts @ 1763, having earlier peaked at 1775. The two leaders - Trans/R2K, closed lower by -0.6% and -1.5% respectively. Equity bears have a reasonable opportunity to knock the market a few percent lower in the coming days.


sp'daily5

R2K

Trans

Summary

Another FOMC out of the way, and the indexes are looking like they are rolling over.

Indeed, the two leaders are leading the way, and further declines of 2-3% in the near term look viable.

However, with continuing QE, I just can't see a sustained multi-week down cycle, and I'd have to guess the sp'1730s - where there is an obvious gap to fill, will hold, before renewed upside across Nov/December.
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a little more later...