Daily Index Cycle update

US equities opened a little shaky - with a new cycle low of sp'1878, but then surged, building powerful gains, sp +31pts @ 1921 (intra high 1934). The two leaders - Trans/R2K, settled higher by 1.2% and 1.5% respectively. Near term outlook offers the 1956/80 zone, along with VIX back under the key 20 threshold.


sp'daily5

R2K

Summary

*it is notable that the R2K broke under the giant psy' threshold of 1000, for the first time since July 2013. Regardless of a short term bounce into late Jan', the 800s look due by May/June.
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Suffice to add, opening shaky gains, but then building solid gains into the mid afternoon. There was a touch of cooling in the closing hour, but further gains look due into next week.

Best guess.. sp'1956/80...then breaking powerfully lower into the 1750/25 zone.
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Update from Riley



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a little more later...