Daily Index Cycle update

US equities closed somewhat mixed, sp +2pts @ 2126 (intra high 2128). The two leaders - Trans/R2K, settled +0.7% and -0.4% respectively. Near term outlook offers a retrace to the sp'2090/80 zone - along with VIX 15/16s, before renewed upside into August.


sp'daily5

Trans

Summary

*Transports remains the market laggard. The daily closing candle was a clear spike-fail at declining resistance, and does bode in favour of equity bears early next week.
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So, a new cycle high of sp'2128, that makes for an 84pt (4.2%) gain across just six trading days. Regardless of any weakness next week, the issue now is whether sp'500 can break a new historic high >2134.

The bigger weekly cycle will be offering the 2140s next week, anything much above 2150/60 will be difficult.

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a little more later...