Friday 2 May 2014

Closing Brief

US equities closed the week with minor price chop across much of the day, sp -2pts @ 1881. The two leaders - Trans/R2K, settled -0.3% and +0.2% respectively. Near term outlook is for new index highs (at least in the sp/dow/trans), perhaps getting stuck by mid/late May.


sp'60min


Summary

...and another week comes to a close. Congrats to all those who survived it!
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All things considered, the bull maniacs held the line from Monday afternoon at sp'1850, and with the push into the low 1890s earlier this morning, the broader trend is indeed very much still intact.

Best guess, sp'1925/50 within the next 4-6 weeks, and then a major rollover. There are some discernable 'market rumbles' out there, and I will be looking for a 7.0 quake as soon as late June.

Sincerely...have a good weekend everyone!
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*The weekend update will be on the world monthly indexes