Saturday, 25 July 2015

Daily Index Cycle update

US equities closed the week on a very bearish note, sp -22pts @ 2079. The two leaders - Trans/R2K, settled lower by -0.7% and -1.5% respectively. With some bearish engulfing weekly candles, near term outlook is increasingly bearish, with a viable test of the 200dma at 2065 next Monday.





*Trans remains the market laggard, and is well on the way to retracing all the way back to the Oct'2014 low of 7700.

A fourth consecutive net daily decline for the sp'500... with the week closing on a very bearish note. It would seem the next stop is a test of the 200dma.. which will be around 2065 next Monday.

Closing update from Riley

a little more later...