Daily Index Cycle update

US equities closed moderately lower, sp -9pts @ 2084 (intra low 2072). The two leaders - Trans/R2K, settled lower by -0.5% and -0.3% respectively. Near term outlook is very mixed, with viable moderate upside/chop into the FOMC announcement (Wed' 2pm). A test of the 200dma in the sp'2055/50 zone looks probable.


sp'daily5

Trans

Summary

*Trans remains the market laggard. New highs (>9300s) look unlikely for many months.
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Little to add.

Best guess.. moderate upside/chop into Wednesday afternoon (FOMC 2pm, with a press conf. shortly after), before resuming lower.
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Closing update from Riley



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a little more later...