Daily Index Cycle update

US indexes closed moderately lower, sp -2pts @ 1888. The two leaders - Trans/R2K, settled lower by -0.2% and -1.0% respectively. Near term outlook is for minor weakness early Friday, but the broader rally looks likely to continue across the month.


sp'daily5

R2K

Trans

Summary

Most notable index of the day...the R2K, with a daily decline of almost 1%. I'm not sure what to make of it. It has seen incredible strength since the Oct'2011 low, and yet now it remains somewhat weak.

The Dow did break a new historic intraday high of 16604, the 17000s look viable in May.
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Closing update from Riley



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a little more later....