Daily Index Cycle update

US equities closed very significantly lower, sp -39pts @ 2012 (intra low 2008). The two leaders - Trans/R2K, settled lower by -1.9% and -2.2% respectively. Equities look set to rebound after the FOMC is out of the way.


sp'daily5

Trans

Summary

Suffice to note, strong net daily declines, with the sp' decisively breaking the Nov' 16th low of 2019.

Next support is the psy' level of sp'2K, with price cluster of the 1990s. Sustained action under 2K does not look likely into year end. Instead, a post FOMC rally looks due... with the 2100s still viable before year end.

--
a little more later...