Tuesday, 21 July 2015

Daily Index Cycle update

US equities closed moderately mixed, sp +1pt @ 2128 (intra high 2132). The two leaders - Trans/R2K, settled lower by -0.4% and -0.5% respectively. Near term outlook offers a retrace, but with price action as it is, even the sp'2100 threshold looks a stretch. Regardless, broader upside into August.





*notable weakness in the two market leaders, certainly bodes for a broader market retrace at some point this week.

The sp'500 came awfully close to a new historic high (2134) today, a mere 0.1% shy.

Regardless of any near term retrace, the 2140s look very probable. The only issue is whether the market can manage a tag of the upper monthly bollinger.. currently @ 2182.

a little more later..