Daily Index Cycle update

US equities broke a trio of new historic highs in the morning, but saw increasing weakness in the latter half of the day, sp' settling +1pt @ 2039 (intra high 2046). Near term outlook offers a retrace, back under the giant sp'2000 level.


sp'daily5

R2K

Trans

Summary

Even the most permabullish traders are now seeking some degree of equity market retrace.

What is clear though, considering the regular new index highs, a move back under the critical sp'1900 level, looks out of range.
--

Closing update from Riley



How can the 'Pitbull low' be deemed in, if we broke a new historic high this morning?
--

a little more later...