Daily Index Cycle update

US equities closed broadly higher, sp +19pts @ 2061 (intra low 2039). The two leaders - Trans/R2K, settled higher by 0.8% and 1.0% respectively. Near term outlook is extremely borderline, as there is threat of a break above the key high of 2075. Best case near term downside is the 2025/15 zone.


sp'daily5

Nasdaq comp'

Summary

sp'500: broadly stuck within the 2075/20s. Price structure could be argued is a giant bull flag, although I would call it a choppy top.

Nasdaq: still stuck below the key 4900 threshold.

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a little more later...