Daily Index Cycle update

The main indexes saw a second day of chop, although new lows were broken, with sp'1737, but closing -3pts @ 1751. The two leaders - Trans/R2K, both settled -0.8%. Near term outlook is for another strong wave lower, to the 1710/1690 zone.


sp'daily5

R2K

Trans

Summary

So.. a bit of a choppy trading day..the second in a row.  Most notable, we did break a lower low, with sp'1737, although that was not confirmed by a new high in the VIX.

All things considered, near term looks weak, at least down to the 200 MA on the sp', currently 1709... but rising each day.
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Closing update from Mr TopStep



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a little more later...