Daily Index Cycle update

US equity indexes closed significantly lower for a third consecutive day, sp -22pts @ 2023 (intra low 2022). The two leaders - Trans/R2K, settled lower by -0.6% and -0.7% respectively. Near term outlook offers a little more weakness, but there is high probability of renewed upside into the FOMC of Dec'16th.


sp'daily5

Dow

Summary

So.. the current cycle... 4 days down.. then a bear flag... with another 3 days lower.

Best guess.. market is very close to flooring... before resuming higher into mid December.

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a little more later...