Daily Index Cycle update

US equities saw very significant declines, sp -40pts (-2.1%) @ 1928. The two leaders - Trans/R2K, settled lower by -2.4% and -2.7% respectively. Near term outlook is for a full test of the August low of sp'1904... which should equate to VIX 21/23s.


sp'daily5

R2K

Trans

Summary

*I'm tired... so.. suffice to say...... outlook remains bearish... at least to sp'1910/00 zone. The 200 MA (sp'1904) will now be a key target for bears to exit.. and many will likely be going long there.
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Closing update from Riley



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a little more later... to close the day.