Daily Index Cycle update

US equities started the week on a positive note, sp +17pts @ 1858. The two leaders - Trans/R2K, settled with gains of 0.9% and 0.6% respectively. Near term outlook is for further gains into the 1870s, before a sharp wave lower after the next FOMC is out of the way.


sp'daily5

R2K

Trans

Summary

The two leaders do look especially tired, despite today's gains.

New highs... >1883, look pretty unlikely, as supported by the weakening weekly index cycles.
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Closing update from Mr Riley



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a little more later...