Daily Index Cycle update

US indexes closed higher for the second consecutive day, sp +5pts @ 1936 (intra high 1944). The two leaders - Trans/R2K, settled higher by a borderline significant 0.8% and 0.9% respectively. Near term outlook is for the sp'1950/60s.


sp'daily5

R2K

Trans

Summary

The more significant strength in the two leaders - Trans/R2K, is especially bullish for the rest of the market this week.

With the break into the 1130s, R2K looks set for the 1160s...the 1170s is first key resistance, and we'll probably get stuck there...if only for a minor retrace.
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Closing update from Riley



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a little more later...