Daily Index Cycle update

US indexes saw something of a latter day recovery, with the sp -13pts @ 1845  (intraday low 1834). The two leaders - Trans/R2K, both settled -0.6%. Near term outlook is somewhat uncertain, but the broader trend remains clearly to the upside.


sp'daily5

R2K

Trans

Summary

We saw some interesting declines today, but really..the primary trend remains higher for most of the indexes

Yes, the old leader - transports, is lagging, but with the R2K, sp'500, and Nasdaq recently breaking new highs, I think many are lacking an overall perspective.

With a black-fail candle on the daily VIX chart, equity bears have some real problems this week.
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Closing update from Mr Riley



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a little more later...