Friday, 10 July 2015

Daily Index Cycle update

US equities closed moderately higher, sp +4pts @ 2051 (intra high 2074) . The two leaders - Trans/R2K, settled higher by 0.6% and 0.4% respectively. Near term outlook is for renewed upside, but the market will need to see some sort of Greek deal provisionally agreed by early next week.. otherwise... new lows will occur.





Net daily gains across all the main indexes, but the vast bulk of the opening gains were lost, with weakness all the way into the close.

Frankly, a fair few of the closing daily candles bode strongly in favour of the bears... and with the sp'2044 low a mere 7pts lower... it won't take of a market scare to gap under that.

It would seem the bulls have a problem into the weekly close.

a little more later..