Daily Index Cycle update

US equities continued to slide, sp -31pts @ 1874 (Intra high 1912). The two leaders - Trans/R2K, settled lower by -2.2% and -0.4% respectively. Near term outlook still offers a significant rebound into late Oct/early November, before more severe downside begins.


sp'daily5

Dow

Summary

A pretty interesting day to start the week.

Opening weakness to 1890, but then a strong rebound to 1912... only to get stuck, and then a rather strong severe break at the morning low.... falling to 1874.

Right now, there is no clear floor... and we've not seen this degree of consistent weakness since summer 2012... when VIX was 27.
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a little more later...