Daily Index Cycle update

US equities closed moderately higher, sp +13pts @ 1964. The two leaders - Trans/R2K, settled higher by 1.0% and 0.2% respectively. Near term outlook is for chop into the middle of next week, before the next opportunity of a major wave lower.


sp'daily5

Dow

Summary

*Notably, a new cycle high of sp'1965,
--

The Dow is close to the 50 dma, and there is going to be some strong resistance around 16900. I find it very difficult to believe the bulls can keep pushing to 17k.. and beyond.

--
a little more later...