Daily Index Cycle update

US indexes closed pretty weak, sp -15pts @ 1863. The two leaders - Trans/R2K, settled lower by a very significant -1.6% and -1.9% respectively. Near term outlook is for renewed upside next week, with the most bullish upside target zone of sp'1925/50 by late May/early June.


sp'daily5

R2K

Trans

Summary

An interesting bout of weakness to conclude the week, but still, the broader market is holding the bigger upward trends.

Barring a break <sp'1814 next week, I can't take any of the declines seriously. Monday could easily open a little lower, there is a clear gap zone of sp'1845 - with VIX 15s, but for me, that would merely be a buying level - at least on an intraday basis.
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a little more later...