Daily Index Cycle update

US equities ended the week on a very negative note, sp -32pts @ 1958 (intra low 1953). The two leaders - Trans/R2K, settled lower by a significant -2.2% and -1.5% respectively. Near term outlook is increasingly bearish, as key rising support has been broken on a number of indexes.


sp'daily5

Trans

Summary

*a clear break of trend on the 'old leader' - Transports... having got stuck in the target zone of the 8300s.
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As for the sp'500... its a marginal break.. but overall.. today day'2 DOWN.

Outlook is increasingly bearish into early Oct'. First soft target is the 1900 threshold.. after that.. 1867, and then 1820.

*I hold no positions across the weekend, but will look to build short positions on any intraday bounces.

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a little more later...