Daily Index Cycle update

US equities opened sharply lower, but saw a recovery begin almost right from the open. The sp' rallied from a low of 1952.. settling -8pts @ 1964. The two leaders - Trans/R2K, settled lower by -0.2% and -1.0% respectively. Near term outlook is for renewed upside.


sp'500

R2K

Trans

Summary

We have very clear reversal candles on the two leaders - Trans/R2K, and even the headline indexes (Dow, SP, Nasdaq) all saw similar intraday recoveries.

With a black-fail candle on the daily VIX cycle, the equity bears have a real problem. Even if Friday sees a little further weak chop, today's low of sp'1952 looks likely to hold.
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Closing update from Riley



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a little more later....