Thursday 4 September 2014

Daily Index Cycle update

US indexes closed moderately mixed, sp -1pt @ 2000. The two leaders - Trans/R2K, settled lower by -0.2% and -0.6% respectively. Near term outlook is for the sp'2020/30s, and a slightly grander target of 2050 in opex week.


sp'daily5


Dow


Summary

Little to add.

Price action remains mostly chop... but then, the market is arguably just taking a minor pause, having ramped from sp'1904 to 2009 in just over a month.

Unquestionably, with new historic highs regularly being attained, this is still no market for the equity bears.
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Closing update from Riley



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a little more later...