Daily Index Cycle update

US equities closed moderately mixed, sp -3pts @ 2092 (intra low 2085). The two leaders - Trans/R2K, settled higher by 0.9% and 0.8% respectively. Near term outlook is for renewed upside, with new historic highs viable in 'some' indexes. A broad market correction looks probable this summer/early autumn.


sp'daily5

Trans

Summary

The 'old leader' - Trans, looks like it is set for an attempt to break above declining trend/resistance, and move to the 8900/9000 zone. I do NOT expect new historic highs in the Trans for some months.

As for the sp'500, upside to the 2150s (supported by weekly cycle) or even the 2160/80 zone (monthly cycle) looks viable within the next 3-5 weeks.
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a little more later...