Daily Index Cycle update

US indexes closed somewhat mixed, sp +0.8pts @ 1897. The two leaders - Trans/R2K, settled +0.5% and -1.1% respectively. Near term outlook remains moderately bullish, to at least the sp'1910/20s. Best case upside remains the 1940/60 zone by mid June.


sp'daily5

R2K

Trans

Summary

With new historic highs in the Dow/Trans..and finally... the sp'500, the equity bulls can remain moderately confident..at least for another few weeks.

Equity bears have zero downside power, and it is now a case of how high can the bulls push the current multi-week up cycle..that stretches back to the key low of sp'1814.

Best guess..at least sp'1920..but there is a threat of the 1940/60 zone into the next FOMC of June'18.
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Closing update from Riley



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a little more later...