Daily Index Cycle update

US indexes closed moderately lower, sp -10pts @ 1909 (intra low 1904). The two leaders - Trans/R2K, settled -0.2% and -0.5% respectively. Near term outlook is for renewed upside, at least to the sp'1960s.


sp'daily5

Dow

Summary

So... a day for the bears, and with a new cycle low of sp'1904, we remain within a near term down channel.

Equity bulls need to break into the 1930s to have any confidence that the current down wave has concluded. Even then, there will likely be VERY strong resistance at the old busted support - now resistance, in the sp'1960s. It is going to be tough for the market to break into the 1970s.

As for the Dow, not surprisingly, it has fractionally broken the 200 day MA, but then it did that in early February... and most should remember how things went from there.
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a little more later...