Daily Index Cycle update

US equities ended the month moderately lower, sp -10pts @ 2079 (intra high 2094). The two leaders - Trans/R2K, settled lower by -0.1% and -0.3% respectively. Near term outlook is for a natural retrace to the sp'2020/00 zone.. where there are multiple aspects of support. From there... broadly higher into year end.


sp'daily5

Summary

Suffice to add... at the current rate, the daily MACD (blue bar histogram) cycle will see a bearish cross next Tue/Wednesday.

Sustained action - even given 2-3 weeks, under the sp'2000 threshold looks unlikely for the remainder of the year. At best.. a retrace to the 2020/00 zone before renewed upside.
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Closing update from Riley


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a little more later...