Daily Index Cycle update

US equity indexes closed moderately mixed, sp +4pts @ 2016 (intra low 2004). The two leaders - Trans/R2K, both settled higher by around 0.2%. Near term outlook offers the 2030/40 zone, before a powerful move lower, at least to the 1960/50s. The bigger weekly/monthly cycles continue to offer 1920/00 zone.


sp'daily5

Trans

Summary

*a new multi-year low for the Trans of 7277. Next key support is the 7K threshold, after that.. 6000/5500.
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Suffice to add, a day of moderate chop.. a 'holding pattern day'... with most indexes offering price structure of a bear flag.

Outlook is bearish... at least to the 1960/50s... perhaps 1920/00 zone.
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Closing update from Riley


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a little more later..