Daily Index Cycle update

US equity indexes closed somewhat mixed, sp -2pts @ 2125 (new historic high 2134). The two leaders - Trans/R2K, settled -2.0% and +0.2% respectively. Near term outlook remains broadly bullish, at least to the FOMC of June 17th.. which it would seem, will not see a rate hike.


sp'daily5

Dow

Trans

Summary

*another particularly weak day for the Transports, with a rather nasty close in the low 8500s. Next support is around 8300.
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As a collective, the broader market remains strong.

It certainly merits mention that the sp'500 achieved a new historic high for the THIRD consecutive day... and that certainly ain't bearish, is it?

The bigger weekly/monthly cycles remain highly suggestive of the 2170s by the next FOMC of June 17th.
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Closing update from Riley



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a little more later...