Daily Index Cycle update

US indexes closed weak, with the sp -12pts @ 1872 (intraday low - 1868). The two leaders - Trans/R2K, settled lower by a significant -0.9% and -1.5% respectively. Near term outlook is somewhat borderline, with key support in the sp'1865/60 zone.


sp'daily5

R2K

Trans

Summary

Well, today certainly did not go as I had expected.

We saw some minor opening weakness which slowly spiralled...a minor bounce in mid morning, but then renewed weakness across the afternoon. The minor rally into the close was 'something' for the bulls, but..until we see the 1890s..this remains a tricky market to trade on the long side.

For me, the R2K chart is still indicative of bears having had plenty of chances to show 'all they got'..and so far..the Feb' low of 1082 is still holding.

So...right now, my line in the sand is R2K 1080..with sp'1860. If we see any daily closes under there..it will bode badly for the broader market into June.
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Closing update from Riley



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a little more later...