Daily Index Cycle update

US equities saw some significant swings across the day, sp -16pts @ 1972 (intra high 2016). The two leaders - Trans/R2K, settled -1.3% and -0.1% respectively. Outlook is for a key turn at the Wednesday FOMC, with broad renewed upside into year end... and beyond.


sp'daily5

Dow

Summary

Today sure was pretty wild. Opening moderate declines to 1976.. then a straight up ramp of 2% to 2016. Only to then fully reverse, with a -2.2% afternoon slump.. to a new cycle low of 1972.

The market has now declined by 107pts (5.3%) since the recent high of sp'2079.

As has been expected since last week... a key turn is due around this Wednesday's FOMC. The only issue is whether the market will briefly make a hit of the 1950 zone.. where the 200dma is lurking.. along with the 50% retrace of the 1820-2079 hyper-ramp.

Considering the closing hour weakness... a 'brief' hit of 1950 now seems likely.. whether in the morning, or shortly after the announcement at 2pm.

*Despite what the maniacs on Zerohedge are touting, I don't believe the world is coming to an end because of the ongoing currency/market crisis in Russia. The sp'2100s still look due early next year.
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Closing update from Riley



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a little more later...