Daily Index Cycle update

US indexes closed somewhat mixed, sp'500 settling u/c @ 1946 (intra range 1926/52). The two leaders - Trans/R2K, settled higher by 0.8% and 1.0% respectively. Near term outlook remains broadly bearish, down to the August low of sp'1904.


sp'daily5

R2K

Summary

The break of the R2K below 1080 is a VERY significant issue. It is a huge technical event, and a major achievement for those equity bears seeking a break of a floor that has held across the year.

As for the sp'500, despite closing flat, today was merely another lower high.. and a lower low. Broader trend remains very weak, and the sp'1904 low looks set to be tested early next week.
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a little more later...