Daily Index Cycle update

US equities indexes closed moderately higher, sp +14pts @ 2077 (intra high 2082). The two leaders - Trans/R2K, settled higher by +0.1% and +0.2% respectively. Near term outlook offers renewed weakness into the Thursday/weekly close, as the Greek drama continues.


sp'daily5

Trans

Summary

*Trans remains the market laggard, and notably broke a new cycle low today of 8060. The 8K threshold is within range tomorrow.. before opportunity of sustained upside. If 8K fails to hold.. next level is not until the Oct' low of 7700 - which would equate to sp'2K.
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As for the sp'500, the near term downward trend remains intact... and I'm highly suspicious that the market will slip back to the 2050s tomorrow or next Monday.

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Closing update from Riley



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a little more later...