Friday, 7 February 2014

Daily Index Cycle update

The main US indexes closed significantly higher, with the sp +21pts @ 1773. The two leaders - Trans/R2K, settled higher by 1.5% and 0.9% respectively. Near term trend is highly dependent upon how the market interprets the monthly jobs data. Market remains vulnerable to 1710/1690.





From a bearish perspective, today could easily be just a 'stupid bounce'.

Perhaps most importantly, the daily indexes still closed under the 10 MA, which itself is still declining, and is first key MA resistance.

Those who are now bullish on the US market really need to keep in mind that the sp' needs to clear the 50day MA - currently 1809, which is a good 2% higher.

As most would agree, regardless of today's higher close, what now matters is how the market interprets the Friday monthly jobs data.

Closing update from Mr TopStep

a little more later....