Daily Index Cycle update

US equities closed significantly higher, sp +27pts @ 1945. The two leaders - Trans/R2K, settled higher by 1.8% and 1.2% respectively. Near term outlook is for further upside to the 1950/65 zone. From there, threat of cooling into end month, before resuming higher across first half of March to around sp'2K.


sp'daily5

Trans

Summary

*the 'old leader' - Transports, looks headed for a test of the 200dma.. which in early March will be in the 7800s.
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As for the sp'500... next resistance is 1950/65 zone... some cooling into end month.. before a realistic test of the psy' level of 2K by mid March.
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Update from Riley (intraday, but it still applies)



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a little more later...