Daily Index Cycle update

US equities closed broadly weak, sp -6pts @ 2102. The two leaders - Trans/R2K, settled -0.8% and u/c respectively. Near term outlook is very bearish into the weekly close, with viable further downside to the sp'2060s - with VIX 16/17s next Mon/Tuesday.


sp'daily5

Trans

Summary

*Trans continues to be the market laggard.. looks headed for the 8100/8000 zone... with secondary late summer downside to the Oct' low of 7700.
--

As for the sp'500, a weekly close under the 2100 threshold looks extremely likely. I am guessing Friday will close somewhere in the 2090/80 zone.. along with VIX 15s.

Daily MACD (blue bar histogram) cycles are set to turn negative tomorrow... or certainly.. by Monday... and that bodes well for the equity bears for at least another 2-3 trading days.

--
a little more later...