Daily Index Cycle update

US equities closed pretty weak, sp -8pts @ 2059 (intra low 2048). The two leaders - Trans/R2K, settled lower by -0.8% and -0.1% respectively. Near term outlook offers a test of the 2039 low... which looks set to fail, opening the door to a more critical test of the 200dma in the sp'2013/15 zone next week.


sp'daily5

Trans

Summary

Little to add.

A second day for the equity bears.. with borderline breaks of trend on the bigger weekly cycles.

Transports is leading the way lower... as it should. The fact it has already broken the 200dma should at least marginally concern the bull maniacs.

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Closing update from Riley


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a little more later...