Daily Index Cycle update

US equities slipped across much of the day, with the sp -16pts @ 1994. The two leaders - Trans/R2K, settled lower by a rather significant -1.4% and -1.5% respectively. Near term outlook is for sp'1990 to hold, with renewed upside.


sp'daily5

R2K

Trans

Summary

The weakness in the R2K - which saw a death cross today, has garnered some significant attention, but then, the R2K has been weak since the spring.

Unless the sp'500 breaks back into the 1980s... there is no justifiable reason why anyone should be shorting the broader market.
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Closing update from Riley



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a little more later...