Daily Index Cycle update

US equities closed broadly weak, with the sp'500 -22pts @ 1979. The two leaders - Trans/R2K, settled lower by -2.7% and -2.4% respectively. Near term outlook threatens early Wednesday weakness, but it still seems highly probable that the equity bulls will push >2009, to at least test the 200dma, into the next FOMC.


sp'daily

R2K

Trans

Summary

Suffice to add, the weakness in the two leaders - Trans/R2K, was very significant, but broadly, the main market saw only borderline sig' downside.. on what was.. relatively light vol'.

For the moment, renewed upside still looks due, into next week's FOMC.
--

Closing update from Riley



--
a little more later...