Daily Index Cycle update

US equities closed the week on a very bearish note, sp -22pts @ 2079. The two leaders - Trans/R2K, settled lower by -0.7% and -1.5% respectively. With some bearish engulfing weekly candles, near term outlook is increasingly bearish, with a viable test of the 200dma at 2065 next Monday.


sp'daily5

R2K

Trans

Summary

*Trans remains the market laggard, and is well on the way to retracing all the way back to the Oct'2014 low of 7700.
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A fourth consecutive net daily decline for the sp'500... with the week closing on a very bearish note. It would seem the next stop is a test of the 200dma.. which will be around 2065 next Monday.
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Closing update from Riley


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a little more later...