Daily Index Cycle update

US equities started the week with some weakness, sp -9pts, but with much stronger declines for the Nasdaq Comp', -1.2% @ 4226. The two leaders - Trans/R2K, settled lower by -0.1% and -1.3% respectively. Near term outlook is bearish, to the sp'1845/35 zone.


sp'daily5

Nasdaq, daily

R2K

Trans

Summary

Suffice to say, this was the second consecutive day where the market opened higher, only to see a rather significant reversal.

The only issue now is whether the market can hold above the key sp'1830 threshold. If that fails, there is a further 30/40pts of easy downside for the equity bears.
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a little more later...