Daily Index Cycle update

US equities saw some further swings across the day, having peaked at sp'1898, but seeing latter day weakness, sp' +2pts @ 1877. The two leaders - Trans/R2K, settled higher by 2.6% and 1.1% respectively. Near term outlook remains a 2-3 week bounce.


sp'daily5

Dow

Summary

We have new cycle lows for the Sp'500 and the Dow, although the two leaders - Trans/R2K, closed with some significant gains.

Another discrepancy of high importance is that the VIX did NOT confirm the new equity lows with a higher high.

Taken together, the broader market still looks due a 2-3 week bounce into late Oct/early November, before things get really wild on the downside.
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Closing update from Riley (audio issues)



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a little more later...