Daily Index Cycle update

US equities closed broadly higher, sp +20pts @ 2121 (intra high 2126). The two leaders - Trans/R2K, settled higher by 1.5% and 1.3% respectively. Near term outlook remains uncertain, with the threat of a move to 2135/40, or weakness to break the double floor of 2072. Certainly.. the 'Greek situation' will be a key determinate.


sp'daily5

R2K

Nasdaq comp'

Summary

*most notable aspect of the day, new historic highs in the R2K (1287) and the Nasdaq comp' 5143.
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Suffice to say, a day for the equity bulls, but overall... the gains look increasingly shaky as the Greek situation continues to build to breaking point.

In my view, a large part of the market is in outright denial. A break below the double floor of sp'2072, is 49pts (2.4%) lower... that won't be easy... but it IS viable if the Greek situation worsens across the weekend.
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Closing update from Riley


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a little more later...