Daily Index Cycle update

US equities closed broadly weak for a second consecutive day, sp -9pts @ 1994 (intra high 2009). The two leaders - Trans/R2K, settled +0.2% and -0.9% respectively. Near term outlook offers strong support around the 50dma of sp'1985. Renewed upside still looks due to key resistance of 2040/60.


sp'daily5

Trans

Summary

Little to add.

The last few days have been mostly chop... with what is a relatively minor retrace of the powerful wave from the (monthly jobs Friday) low of sp'1893.

Renewed upside looks due in the immediate term... at least to the 2030/40s.. and probably 2040/60 zone by the next FOMC.

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a little more later..