Daily Index Cycle update

US indexes saw their first significant gains in over two weeks, sp +19pts @ 1794. The two leaders - Trans/R2K, both settled higher by around 1.5%. There is near term bounce upside to 1810/15, where there are multiple aspects of resistance.


sp'daily5

R2K

Trans

Summary

We have what are pretty clear bear flags developing on the daily index charts.

Baring a continued surge into the sp'1820s, the market looks set for another wave lower. The big question is whether we'll be able to put in any daily closes <1765. If that is achieved, the door is open to a fast move down to the 200 day MA, which will be around 1707/10 next week.

a little more later...