Friday, 30 August 2013

Daily Index Cycle update

The main indexes closed moderately higher, with the sp +3pts @ 1638, having earlier peaked at 1646. The two market leaders - Trans/R2K, closed +0.3% and 1.0% respectively. Near term trend remains broadly bearish, with a key target of sp'1570/60s.





All things considered, despite a second consecutive daily close to the upside, the bears should be content with today.

The market has arguably worked off the oversold condition - seen better on the hourly cycle charts, and is now primed for another significant down wave.

Daily charts are offering sp'1615 by the Friday close. Anything <1600 looks unlikely until the latter half of next week.

*I remain short the main market, via LONG VIX.

a little more later...