Daily Index Cycle update

US equities closed broadly weak, sp -5pts @ 2065. The two leaders - Trans/R2K, settled lower by -2.6% and -1.2% respectively. Near term outlook is for renewed upside to the 2080/90s.. not least if the market can cope with a dull FOMC announcement and somewhat mediocre Q3 GDP data.


sp'daily5

Nasdaq comp'

Summary

*Tech' held up very well today, certainly relative to the 'two leaders - Trans/R2K'.
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Despite a second net daily decline, the sp'500 - along with other indexes, look set for renewed upside. It is notable that today was the third close above the 200dma.
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Closing update from Riley



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a little more later...