Daily Index Cycle update

US equities closed somewhat mixed, sp +0.9pts @ 2080 (intra low 2072). The two leaders - Trans/R2K, both settled -0.3%. Near term outlook offers further weakness to the 200dma (2046 and rising), but that will not be easy as the USD remains in a cooling phase.


sp'daily5

Trans

Summary

So, a bit of a mixed day in market land. A fair few indexes settled lower for the fourth consecutive day... lead by the Trans/R2K.

Overall... price action remains not particularly bearish.. not least whilst the broader upward trends (for most indexes.. certainly not all) remain intact.

Right now, best case for the equity bears is a test of the 200dma (sp'2046.. and rising)... before the next attempt to break new highs.. after the next FOMC (June 17th).
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Closing update from Riley


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a little more later...