Wednesday 24 December 2014

Daily Index Cycle update

US equity indexes continued to break new historic highs, with sp' 2086 and Dow 18069. The near term outlook offers another 0.5-1.0% by year end.... with sp'2095/2105. The R2K is set to break above a year long trading range... which will be an extremely bullish signal for the broader market for 2015.


sp'daily5


Dow



R2K


Summary

*as I have been noting for some weeks... the equity bears should be terrified about the implications of a monthly R2K close >1220.
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I am dismissing the black-fail candles on some of the indexes today. It is holiday trading, and price action remains increasingly choppy. Without question though.. the up wave from last week continues.
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Closing update from Riley


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a little more later...