Daily Index Cycle update

US equity indexes closed moderately higher, sp +11pts @ 2096 (intra low 2082). The two leaders - Trans/R2K, settled -0.3% and +0.7% respectively. Near term outlook is for upside into the 2100/10 zone.. before resuming lower after the FOMC/Yellen are out of the way.


sp'daily5

Trans

Summary

*Trans remains a serious laggard, as Oil flirts around the $60 threshold. Trans 9000s look out of range for some months.
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Not much to add. A daily for the equity bulls, but clearly there is the threat of some significant (if brief) downside due to Greece... or renewed market concerned of a Fed rate hike at the Sept' FOMC.

Best guess... upside tomorrow.. before resuming lower for the rest of the week.

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a little more later...