Daily Index Cycle update

US equities closed moderately mixed, sp' u/c @ 2047 (intra range 2060/34). The two leaders - Trans/R2K, settled higher by 0.3% and 0.5% respectively. With the break of core support, near term outlook offers at least 2000/1990s, with a H/S scenario offering 1970/60s... certainly by end month.


sp'daily5b - H/S scenario

Dow

Summary

Suffice to add.. opening weakness.. a 1% swing higher... but a full reversal, as the market was somewhat upset at the latest rate hike threat from the Fed.

With the break of key support at sp'2039, the door is open to 2000/1990s. The H/S scenario is highly suggestive of a more dynamic down wave to 1970/60s.. before next bounce of 3-4%.

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a little more later...