Daily Index Cycle update

US equities closed broadly higher, sp +12pts @ 2052 (intra high 2058). The two leaders - Trans/R2K, settled higher by 1.1% and 1.1% respectively. Near term outlook offers another rollover, with the recent low of 2025 set to be tested. If that fails to hold... open air to 2000/1990s.. if not the H/S target of 1970/60s.


sp'daily5b

Trans

Summary

sp'500: the fourth consecutive day under the 50dma, with a failed attempt to break/hold the key 10MA. A renewed push lower looks due.. first soft target - the Thurs' low of 2025, and then 2000/1990s. The bigger H/S scenario is highly suggestive of the 1970/60s.

Trans: it is highly notable that the 'old leader', remains sustainably below the 50/200 day MAs. Next support is the 7200/7000 zone.

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a little more later