Daily Index Cycle update

US equities closed moderately weak, sp -5pts @ 2096 (intra high 2103). The two leaders - Trans/R2K, settled lower by -0.2% and -0.8% respectively. Near term outlook is mixed, with viable upside to sp'2110/20s.. before significant downside after the next opex.


sp'daily5

Dow

Summary

Little to add.

Price action since the historic (if fractional) new highs in mid May remains very choppy... and somewhat on the weaker side.

First key downside is Dow 17000, and that should equate to sp'2000.. along with VIX 18/22 zone.

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a little more later...