Daily Index Cycle update

US equities closed moderately higher, sp +7pts @ 2088 (intra low 2074). The two leaders - Trans/R2K, settled higher by 1.1% and 0.5% respectively. Near term outlook is very mixed, and will be dependent upon how the monthly jobs data is interpreted. Best guess... another rollover... before further upside.


sp'daily5

R2K

Trans

Summary

*the sig' net daily gain for the Transports was interesting, but the Trans remains one of the weaker indexes, and still closed under the 200dma.
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Little to add.

Despite the threat of another few days lower to sp'2040/30 zone... there is even higher threat of another major push higher into June. For now.. equity bears should remain extra cautious.
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a little more later...