Daily Index Cycle update

Equities broke key resistance of sp'2064 in early morning, with an intra high of sp'2072. With renewed weakness into the close, sp'500, -7pts @ 2055. The two leaders - Trans/R2K, settled -0.4% and -0.3% respectively. Near term outlook is bullish, as suggested by the weekly cycle.


sp'daily5

Dow, daily

Summary

Even though the market saw weakness into the close, the bulls did manage to break above key resistance of sp'2064... to within 1% of the Dec' high of 2093.

The Dow looks particularly bullish. All that is left for the bulls to do now is break above the Dec' high of 18103... with viable further upside to the 18250/500 zone.
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Closing update from Riley


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a little more later...