Daily Index Cycle update

The main indexes were moderately weak for most of the day, with the sp'500 settling -5pts @ 1795 - with an intraday floor of 1787. The two leaders - Trans/R2K closed -1.0% and -0.5% respectively. Near term outlook is for further price chop in the 1810/1780 zone.


sp'daily5

Dow

Trans

Summary

The third consecutive daily decline for the sp'500..ohh the humanity! Yet..seriously...the bears have no right to get even moderately confident yet.

The near term outlook is for continued minor weakness, but certainly..the broader weekly/monthly trends remain to the upside. I do not expect any move <sp'1770 in the near term.

a little more later...