Daily Index Cycle update

US indexes saw moderate chop across the day, sp -3pts @ 1849 (intraday range 1842/55). The two leaders - Trans/R2K, settled lower by -0.2% and -0.3% respectively. Near term outlook is for a key break <1830, which will open up a swift move to 1800/1790.


sp'daily5

R2K

Trans

Summary

Despite the chop, the equity bears did get an important daily close <1850 - which used to be support, and is now becoming resistance.

The two leaders look weak, and they are offering much lower levels, equivalent to sp'1800/1790 which is my primary downside target zone.
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a little more later...