Daily Index Cycle update

US equities closed somewhat lower, sp -9pts @ 1867. There were more significant declines in the two leaders - Trans/R2K, which settled -0.3% and -1.1% respectively. Near term outlook remains broadly bullish, into the next FOMC of March'19.


sp'daily5

R2K

Trans

Summary

Despite today's declines, the broader upward trend is holding.

All things considered, market should be able to stabilise in the sp'1860s..before a renewed push to new highs.
-

Video update from Carboni



I would agree that the R2K is bearish (somewhat), but not the rest of the market. Broad trend remains higher - as better seen on the weekly/monthly charts. It remains bemusing how people are STILL getting overly upset at tiny market falls of just 0.5% or so.

With sig' QE this Thursday, I'd be looking for a rebound in the market.

--
 a little more later...