Daily Index Cycle update

The US equity market achieved a trio of new historic highs, with the sp' settling +7pts @ 2031. The two leaders - Trans/R2K, settled higher by 1.3% and 0.4% respectively. Near term outlook is still offering a rather 'overdue' retrace.


sp'daily5

Dow, daily

Summary

The day opened with some mixed chop, but it became somewhat classic 'algo bot melt mode' across the afternoon, with the sp' breaking into the 2030s.

Those seeking some kind of giant wedge on the Dow.. well, we've just broken through the upper level.. so... what now?

All things considered, a retrace IS still due... but the higher we go, any hope of a move to test the sp'1900 threshold has almost completely faded. More likely, a test of the 50dma, which next week, will be in the low 1970s.
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Closing update from Riley



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a little more later...