Daily Index Cycle update

US equities closed moderately mixed, sp +9pts @ 2021 (intra low 1993). The two leaders - Trans/R2K, settled lower by -0.5% and -0.7% respectively. Near term outlook is for the market to stabilise ahead of the FOMC announcement, and then push higher. First soft targets are sp'2050s, then 2080/85.


sp'daily5

Trans

Summary

It is highly notable that the Transports broke a new multi-year low of 7406... which is 11.4% below the high from late November.

As for the sp'500... we have a provisional pre-FOMC spike low of 1993. That would fit as a key low, with the sp'2K stops now triggered.

Tuesday looks set for a little upside... but mostly chop, as the market will want to enter a holding pattern ahead of the Wed' 2pm FOMC announcement.
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a little more later...