Daily Index Cycle update

US equities closed moderately higher, sp +6pts @ 1936. The two leaders - Trans/R2k, settled higher by 0.7% and 0.3% respectively. Near term outlook is for renewed upside into the FOMC of next Wednesday, with the sp'1960/70s possible at that time.


sp'daily5

R2K

Trans

Summary

Suffice to say..yes, the Trans got whacked yesterday, but still.. the broader trend remains UP.

The market, taken as a whole, remains pretty strong, and I'd have to guess we'll see new highs in some of the indexes next week. Certainly, the sp'1960s seem likely - and both the daily/weekly charts will allow for that level of gain.
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Closing update from Riley



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a little more later...