Friday 21 February 2014

Daily Index Cycle update

US indexes battled higher after a brief early morning dip, with the sp' climbing from 1824, to settle +11pts @ 1839. The two leaders - Trans/R2K, closed higher by 1.6% and 1.1% respectively. Near term outlook is for the sp' to rally into the 1880/1920 zone by mid/late March.


sp'daily5


R2K



Trans


Summary

The gains in the two leading indexes is particularly bullish, and bodes for sp' breaking into the 1850s within the next trading day or two. Broader upside to 1865/75 seems viable before end month, and then 1880/1920 in the latter half of March.

Recent price action is pretty bullish, with the bigger weekly/monthly charts offering new highs in March. Even the low sp'1900s look possible before this all wraps up.
--

Closing update from Mr TopStep



--
a little more later...