Daily Index Cycle update

US equities closed significantly lower, sp -27pts @ 2002 (intra low 2001). The two leaders - Trans/R2K, settled lower by -1.5% and -1.6% respectively. Equity bears have had to battle hard just to get close to the 2K threshold. With renewed weakness, the 200dma in the sp'1970s is now within range before the weekend.


sp'daily5

R2K

Summary

*the closing hour was a real failure for the equity bulls.
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So, we had opening moderate gains.. quickly failed, with a low of sp'2019. A little rally, but with another cycle low after the FOMC announcement (lower Oil prices greatly helped achieve that).. with a particularly bearish closing hour.

Daily cycles now look rough into the weekend... with the 200dma in the sp'1970s now viable.. before another push higher.

Price structure is a real mess. As many recognise..the waves are overlapping, and trying to count this nonsense is arguably pointless at the moment. I don't see a H/S formation, more a market that has been consolidating sideways since early December.

With ECB QE-pomo set to start in March... the bears face major problems this spring. For now.. this remains a real choppy.. and 'somewhat' volatile market... but one that is STILL close to historic highs.
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a little more later...