Wednesday, 4 September 2013

Daily Index Cycle update

The main indexes closed moderately higher, with the sp +6.8pts to 1639.7, having earlier jumped to 1651. The near term trend looks moderately bullish, although within what is a broader down trend. Primary downside for September is currently in the 1570/80s.



The daily candle is certainly something of a bullish failure. Yet, the 1627 low is holding, and the close on the border of the 1640s keeps the door open for a brief foray into the 1660s this Thursday.

Underlying MACD (blue bar histogram) cycle ticked higher for a third day, and we're set to go positive cycle by the end of this week.

*I remain on the sidelines, seeking an index re-short in the sp'1660s, probably this Thursday morning.
a little more later...