Daily Index Cycle update

US equity indexes broke new cycle lows of sp'1992 with R2K 1153. However, there was something of a late day rally, with the sp'500 closing -18pts @ 2002. The two leaders - Trans/R2K, settled lower by -1.6% and -1.7% respectively. Near term outlook offers the bears a few more days... but a major swing higher is coming.


sp'daily5

R2K

Trans

Summary

Suffice to say... the fifth consecutive down day for most indexes...with a notable break of gap support of sp'2017. Clearly, the equity bears are in control of the immediate term... but these down cycles never last forever.
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Closing update from Riley


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a little more later.... on those roaches that have crawled out of the woodwork