Daily Index Cycle update

US indexes closed somewhat weak, sp -16pts @ 1867. The two leaders - Trans/R2K, settled lower by -0.2% and -1.6% respectively. It remains a mixed picture, but Yellen might well be able to 'inspire' the market tomorrow for a renewed push higher.


sp'daily5

R2K

Trans

Summary

The discrepancy between the two market leaders - Trans/R2K, is unusually large. By default, I'd have to side with the Trans 'old leader', but the R2K is close to taking out the recent lows.
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Underlying MACD (blue bar histogram) cycle for all indexes is rolling over, and bodes badly for the equity bulls this Wednesday.

In many ways..it is now a case of whether Yellen can inspire the market to rally, otherwise...last Monday's spike floor of sp'1850 is going to fail..and that would really change the bigger trends.
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Closing update from Riley

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a little more later...