Daily Index Cycle update

US equities closed moderately lower, sp -5pts @ 1977 (intra low 1964). The two leaders - Trans/R2K, settled +0.1% and -0.1% respectively. Near term outlook is for continued weakness, as supported by the bigger weekly cycles.


sp'daily5

Dow

Summary

Suffice to say, the Thursday low of sp'1965 was quickly taken out this morning, but the late morning bounce sure did rattle many holding short (including yours truly).

Overall, some further technical damage was done... and with the weekly cycles bearish... I am still seeking further downside..at least to the sp'1950/40s.
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Closing update from Riley



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a little more later...