Daily Index Cycle update

US equities closed lower for a second day, sp -16pts @ 2028 (intra low 2022). The two leaders - Trans/R2K, settled lower by -0.6% and -0.5% respectively. Near term outlook is for renewed upside to the low sp'2100s.


sp'daily5

R2K

Summary

Little to add.

Despite a second day of weakness, there doesn't appear to be much downside power.. not least if you factor in the very weak energy sector.
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Closing update from Riley


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a little more later...