Daily Index Cycle update

US equities built strong gains across the morning, but saw some very significant weakness into the close, sp +9pts @ 2035 (intra high 2055). The two leaders - Trans/R2K, settled higher by 0.8% and 0.4% respectively. Near term outlook is for another wave lower to sp'2000.


sp'daily3 - fib retrace

Trans

Summary

There is little to add.

A 'fair' downside target remains the giant sp'2000 threshold - where the 50dma is lurking, before next Wed' FOMC.

At best.. equity bears might manage a brief break.. to the 38% fib retrace of 1980, but odds on that are 'low'
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a little more later...