Daily Index Cycle update

The sp' broke lower in late morning to 1772, but then found a floor, and saw a latter day recovery, settling -8pts @ 1781. The two leaders - Trans/R2K, settled lower by -0.8% and -1.4% respectively. Near term upside is 1810/15, with viable downside to the low 1700s.


sp'daily5

R2K

Trans

Summary

A rather important third day to the downside for most of the big indexes. We saw a lower low..and a lower high..there is nothing bullish here.

With the weekly charts clearly broken, equity bears are starting to show some consistency - something that has been lacking in over a year.

It increasingly looks, that one way or another..we're going to test the 200 day MA on the sp'...right now, that is 1702 - and still slowly rising.
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*As at 7.30pm EST, AAPL, -$44, (-8%) @ $506.  Maybe if AAPL started losing money like AMZN or TWTR, it too could have a PE of 100...or 1000 ? Crazy times...crazy valuations.

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a little more later...
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Closing update from Mr topstep


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