Wednesday, 29 July 2015

Daily Index Cycle update

US equities closed significantly higher, sp +25pts @ 2093. The two leaders - Trans/R2K, settled higher by 2.7% and 0.8% respectively. Near term outlook is for renewed weakness... once the FOMC is out of the way... with a move to the sp'2050s... and VIX 17/18s.




*the market laggard - Trans, remains under key declining resistance, despite a powerful net daily gain.

As for the sp'500... sustained price action back above the 2100 threshold looks difficult in the near term. I would expect the 2050s within 3-5 trading days.

a little more later...