Daily Index Cycle update

US equity indexes closed moderately weak, sp -7pts @ 2102 (intra low 2096). The two leaders - Trans/R2K, settled lower by -0.6% and -0.1% respectively. Near term outlook offers a cycle high of 2116, with first downside target of the 200dma (2060s), and secondary of the 2020s.


sp'daily5

Trans

Summary

A second day lower for the 'old leader' - Trans. First support is the 50dma... about 1.5% lower.
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Sp'500 looks to have a short term cycle peak of 2116. A retrace to the 200dma in the 2060s looks highly probable.. if not the 2020s before Nov' opex.

From there... broadly higher into year end... even if the fed raise rates 25bps.

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a little more later...