Saturday, 19 October 2013

Daily Index Cycle update

The main indexes ended the week in a very bullish manner, with the sp +11pts @ 1744. The two leaders - Trans/R2K, both climbed over 1%, and the Tranny is indeed looking like it has broken out. The Nasdaq is similarly appearing to accelerate, and the 4000s look likely within the next few weeks.



Nasdaq Comp




For the equity bears, this is really just more of the same. A little tease with moderate downside, only to see a major whipsaw back to the upside.

The daily charts certainly look bullish, but they are nothing compared to the bigger weekly/monthly charts which are offering much higher levels into spring 2014. When you take into account the price action/structure seen across the world equity indexes, I have to think there is a very significant likelihood of this market being in the sp'2000s early next year.

a little more later...probably with a chart that will provoke a mixture of horror and hilarity.