Daily Index Cycle update

US indexes closed moderately lower, after the market failed to clear resistance of sp'1875. The sp'500 closed -11pts @ 1860. The two leaders - Trans/R2K, settled lower by -0.4% and -0.8% respectively. Near term outlook is for downside into the weekend, sp'1834 is the key level for equity bears to break.


sp'daily5

R2K

Trans

Summary

So..the FOMC is now out of the way, and the market looks tired. This is especially the case for the two leaders - Trans/R2K, which look primed for a significant rollover in the days ahead.

For the equity bears out there, the H/S formation will need a break <1834 to be confirmed, and that will offer a target zone of 1800/1790 by end of next week.

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a little more later...