Friday 10 January 2014

Daily Index Cycle update

The market saw another full day of minor price chop, with the sp +0.6pts @ 1838. The two leaders - Trans/R2K, settled +0.95% and +0.1% respectively. Near term outlook is a touch uncertain - with the monthly jobs data early Friday, but the broader trend remains very much to the upside.


sp'daily5



R2K



Trans


Summary

The ongoing minor price chop is merely building larger bull flags on the daily charts of just about all indexes. There is little reason to expect any downside <sp'1810/00. The fact that the Transports - old leader, climbed almost 1% today...is likely a major clue for how the rest of the main market will trend tomorrow.

Near term upside target remains the 1860/80 zone by end month.
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a little more later...