US indexes closed moderately weak, with the sp -5pts @ 1841. The two leaders - Trans/R2K, settled -0.1% and +0.4% respectively. Near term outlook is for a bounce from 1835/25, back to 1865/75 into the next FOMC. From there..the market looks vulnerable to a powerful wave lower.
Little to add.
It remains highly viable that a multi-month high has now been put in at sp'1883, with R2K 1212. First key target for equity bears this spring should be the Feb' low of sp'1737. If that low is taken out, it will decisively break the 200 day MA, and with a lower low...a key intermediate top can be discerned.
Closing update from Riley
Certainly, trading volume looks set to increase in the months ahead, and based on the past few years, that means we're likely headed lower.
a little more later...