Daily Index Cycle update

After opening moderately higher, the main indexes saw increasing weakness across the day, with the sp -23pts @ 1747. The two leaders - Trans/R2K, continue to lead...settling -1.4% and -1.8% respectively. Near term looks weak, with a likely move down to the low sp'1730s.


sp'daily5

Dow

R2K

Trans

Summary

The first significant down day in around a month.

Certainly, yesterdays declines seen in the Trans/R2K were indeed a clear warning of trouble in the other headline indexes today.

Despite today's declines, the broader trend REMAINS bullish  Unless we put in a few daily closes <sp'1700, I can't take any of this seriously. It is just a retracement - as expected, and the market is just having a minor shake out. Nothing more.
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Closing video from Mr R.



a little more later...