Monday 18 May 2015

Closing Brief

US equity indexes closed moderately higher for the third consecutive day, sp +6pts @ 2129 (intra high 2131). The two leaders - Trans/R2K, settled higher by 0.7% and 1.1% respectively. Near term outlook is for broader upside to the sp'2170s by the FOMC of mid June.


sp'60min



Summary

*closing hour was micro chop...  nothing of significance
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The week starts pretty muted, but still, the market manages another pair of new historic highs in the headline indexes of the Dow and sp'500.

This is no market for the equity bears.. at least until mid June.. and even then...if 2170... there would be strong support at the 200dma in mid July around 2060. So.. a mere 5% downside.. initially viable.
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*the usual bits and pieces across the evening...