Daily Index Cycle update

US indexes closed lower for a second consecutive day, sp -20pts @ 1845 (intraday low 1841). The two leaders - Trans/R2K, settled lower by -1.4% and -1.5% respectively. Near term outlook offers a minor bounce before further downside <1840...possibly to the 1780/60 zone.


sp'daily5

R2K

Trans

Summary

The Friday morning peak of sp'1897 now looks a considerable way up, and many out there no longer seem to expect that to be hit again in the near term.

So, a day for the bears, and daily MACD (blue bar histogram) cycle remains outright bearish for all indexes - especially the R2K and Nasdaq, and there is a very viable 3-5 days of downside to come.
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Closing update from Riley



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a little more later...