Daily Index Cycle update

The broader market suffered its biggest closing decline in around a year, losing 2.3%. The VIX - which rallied into the close, confirmed the declines to some extent, although remains under the key 20 threshold. Considering the closing hour action, it would seem there is at least one further major down wave to come, with the weekly charts suggesting sp'1345.


IWM, daily

Nasdaq Comp

Dow

Sp'daily5

Trans

Summary

All indexes are absolutely bearish in every aspect. There is seemingly VERY high likelihood of further declines tomorrow, and possibly Friday.

*I generally focus on the sp'500, and am keeping in mind the importance of the next level, of the 200day MA @ 1380. However, we're already below the 200 day on various other indexes. So, keep in mind that if you consider the state of the indexes as a whole, we've really already broken the last support.

Thus, I am going to focus on my weekly cycles, which suggest sp'1345 within days.

A little more later. There is so much to post on today, its kinda hard to know what to choose from!