Daily Index Cycle update

US equities closed broadly higher, sp +3pts @ 2108 (intra high 2115). The two leaders - Trans/R2K, settled higher by 1.1% and 0.1% respectively. Near term outlook is for continued upside into the FOMC of June 17th. The bigger weekly/monthly cycles are both offering the 2150s before end month.


sp'daily5

Trans

Summary

Little to add

Broadly, it was a 'reasonable' day for the equity bulls, with the sp'2100 threshold now solidifying as short term support. A move to new historic highs in 'some' indexes looks viable before end month.

Clearly though... the 'Greek issue' remains a wild card, with a set of payments due end month. If the Greeks default... things will get real interesting... real fast.
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Closing update from Riley


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a little more later...