Daily Index Cycle update

US equities closed moderately weak, sp -9pts @ 2080 (intra low 2067). The two leaders - Trans/R2K, settled higher by 0.2% and 0.3% respectively. Near term outlook is bearish to the 2040/30 zone before the weekend. There still remains significant threat of marginal new highs in late May/early June.


sp'daily5

R2K

Trans

Summary

*the two leaders are still leading the way lower... although both saw notable moderate net daily gains.
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With the loss of sp'2072, there is effectively empty air to at least 2050, if not as likely... 2040/30 zone, where the 200dma will be lurking this Friday morning.

Near term bearish.. but viable new historic highs (in some.. but not necessarily all indexes) by early June.

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a little more later...