Daily Index Cycle update

US indexes closed sharply lower, with the sp -39pts @ 1833. The two leaders - Trans/R2K, closed lower by a very significant -2.1% and -2.8% respectively. Near term outlook is for the sp'1780/60 zone, which would give clarity to the bigger picture for the summer.


sp'daily5

R2K

Trans

Summary

A fiercely bearish day, and the two day bounce was indeed...a bounce.

We have the headline indexes now headed for their 200 day MAs, Dow 15700s, and sp'1770s. In my view..it just a matter of how many days it takes..rather than 'if'.
-

*I remain short the market via VIX-long, seeking an exit in the 17/18s, if not the low 20s.
-

Closing update from Riley



--
a little more later...