Daily Index Cycle update

Despite the latter day bounce, a retrace finally seems to be underway, with the sp'500 settling -0.5pts @ 2059 (intra low 2034). The two leaders - Trans/R2K, settled -0.6% and +1.8% respectively. Near term outlook is for 2020/15.. if not 2000 before the next FOMC.


sp'daily3 - fib retrace

R2K

Trans

Summary

Suffice to say... despite the strong intraday bounce (esp' in the R2K/Nasdaq), price action IS different from the past few weeks, and we're likely at day'2 of a moderate decline.

On no outlook do I see sustained trading below the giant sp'2000 threshold.

Perhaps 1980 - the 38% fib retrace... but it sure won't likely stay there for long.
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Closing update from Riley



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a little more later...