Daily Index Cycle update

US equities closed moderately mixed, sp +1pt @ 1923 (intra low 1901). The two leaders - Trans/R2K, settled lower by -0.5% and -0.4% respectively. There is high probability that the market has put in a short term floor, with viable upside into the next FOMC of Wed' Jan'27th. The 1990s remain best case for the equity bulls.


sp'daily5

R2K

Trans

Summary

Trans - a new multi-year low of 6820... offering a spike floor. First upside target will be the 7400 level. Sustained action >50dma/7600s... looks out of range.

R2K - breaking the Oct'2014 low of 1040.. spiking from 1031. Viable upside to around 1100.. no higher than 1120s.

sp'500 - short term floor of 1901... set for 1970s... 1990s at most. No daily closes >2k for a long..... long time.
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Closing update from Riley



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a little more later...