Daily Index Cycle update

US equities closed broadly weak, sp -7pts @ 1979 (intra high 1991). The two leaders - Trans/R2K, settled lower by -1.0% and -0.7% respectively. Near term outlook offers further opportunity of another moderate wave lower to the sp'1950s, but broadly.. the 2000s look a given next week.


sp'daily5

R2K

Trans

Summary

Little to add.

Despite a sig' net daily decline the Trans - arguably mostly due to higher Oil, most indexes are holding together very well.

Best guess.. a further moderate wave lower to the sp'1950s... fill the price gap.... 38% fib retrace.. and then up to the sp'2000 threshold next week.

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a little more later...