Daily Index Cycle update

US indexes closed lower for a second consecutive day, sp -17pts @ 1815. The two leaders - Trans/R2K, settled -0.9% and -1.4% respectively. Near term outlook is for the sp'1780/60 zone, which will very likely become a key low, lasting into late May/early June.


sp'daily5

R2K

Trans

Summary

The daily charts continue to uglier by the day. There is NOTHING for the bulls to tout at the moment. Some are arguing that we are oversold and due a bounce, but hey..didn't we see the bounce Tue/Wed, and how did that work out?

The R2K and Trans have clear breaks of longer term trends, with the R2K is in imminent danger of breaking the 200 day MA.

I'm guessing the market will see further weakness for much of next week, with broad downside to the sp'1770/60s - where the 200 day MA..along with the lower weekly bollinger band are lurking.
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a little more later...