Daily Index Cycle update

US equities opened sharply lower on a number of lousy earnings data, but saw something of a latter day rally, sp -27pts @ 2029 (intra low 2019). The two leaders - Trans/R2K, settled -1.2% and -0.5% respectively. Near term outlook offers renewed upside... so long as the FOMC don't say anything... 'stupid'.


sp'daily5

R2K

Trans

Summary

*a notable classic (hollow red) reversal candle on the second market leader - the R2K, bodes in favour of the equity bulls for FOMC Wednesday.
--

Suffice to say... I had my eyes closely on the R2K across today. Certainly, it did not reflect the broader market declines. The 'old leader' - Trans, certainly closed lower, but then Oil was higher, and will usually help pressure the Transport stocks lower.

All things considered, new historic highs still look due.
--

Closing update from Riley


--
a little more later... on the EU equity markets.