Daily Index Cycle update

US equities closed significantly lower, sp -29pts @ 1877. The two leaders - Trans/R2K, settled lower by -1.9% and -2.3% respectively. Near term outlook offers threat of early Tuesday weakness, at least to 1870/68, along with VIX 25/26s, before pushing upward into end month.


sp'daily5

Trans

Summary

Suffice to add, a rather strong down day, but overall.. to be expected, as the market is merely seeing a natural retrace of the Wed'-Friday hyper ramp of sp'1812-1908.

Renewed upside looks due.. at least to the sp'1940s. Right now, 1970s look out of range this week, and if they are going to hit.. it'll likely take until the week of Feb'8th.
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Closing update from Riley



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a little more later....