Daily Index Cycle update

US equities closed broadly higher, sp +15pts @ 1995 (intra range 1976/99). The two leaders - Trans/R2K, settled higher by a significantly 1.4% and 1.7% respectively. Near term outlook threatens a retrace to the 1950s, but the 2040/60 zone looks probable within the next 7-10 trading days.


sp'daily5

Dow

Summary

Little to add.

All the US indexes are fast approaching old (broken) supports.

Best guess..the market maxes out across the next 1-2 weeks.. before resuming lower. Whether we break below the Aug' low of sp'1860... difficult to say.

*the bigger monthly charts would suggest much lower levels across the months ahead.

--
a little more later...