Daily Index Cycle update

It was a wild day for the US equity market, with the sp'500 swinging from an early high of 2056, to an afternoon low of 2008, and settling -5pts @ 2023. The two leaders - Trans/R2K, settled -0.5% and u/c respectively. Near term outlook will offer the 1960s.. if market slips <2008.


sp'daily5

R2K

Trans

Summary

The opening gains were rather impressive, and the market came within 0.4% of breaking last Friday's high of sp'2064. The cooling from 11am was no surprise, but rather than hold a baby bull flag, the market spiralled out of control... and with the loss of the 2022 low... another snap occurred.

Market floored at the typical turn time of 2.30pm... clawing from 2008 to a brief spike high of 2028.. but settling @ 2023.

Price structure is holding 'just' within the broader up trends... but price action is increasingly volatile.. and bearish.
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a little more later...