Daily Index Cycle update

US equity indexes closed significantly higher, sp +24pts @ 2090. The two leaders - Trans/R2K, settled higher by 0.1% and 2.9% respectively. Near term outlook is now bearish, with first downside target of the sp'2K threshold, and that should equate to VIX in the 18/20 zone.


sp'daily5

R2K

Trans

Summary

Suffice to add, there were new cycle highs in a number of indexes as the market continues to battle upward from the marginally higher low of sp'1871.. now 219pts lower!

Near term outlook is bearish.. as a retrace is due, the sp'2K threshold remains a rather natural target into mid November.

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a little more later...