Daily Index Cycle update

US equities closed a touch weak, sp -1pt @ 2107 (intra high 2114). The two leaders - Trans/R2K, both settled lower by -0.7%. Near term outlook is bearish to the micro gap around sp'2080... along with VIX 15/16s. Broader upside into August still looks probable.


sp'daily5

Trans

Summary

*Trans remains the market laggard, with the Oct' 2014 low of 7700 seemingly an easy target. A broader downside target of 7250/7000 looks viable this Sept/Oct.
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Little to add.

There remains high probability of the sp'2090/80 zone before the weekend... and that should equate to VIX 15/16s. From there, market should have opportunity to break new historic highs in at least some indexes.. before rolling over by mid August.

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a little more later...