Friday, 28 August 2015

Daily Index Cycle update

US equities saw some distinct weakness in the late afternoon, but still closed significantly higher for the second consecutive day, sp +47pts @ 1987 (intra high 1989). The two leaders - Trans/R2K, settled higher by 2.4% and 1.8% respectively. Near term outlook offers further cooling to the 1940s.. before resuming upward >2000.




A second powerful day of gains, although with a very wild afternoon.

Broadly, the market looks set to challenge the sp'2000 threshold within the next 1-3 trading days. From there.. an attempt to break above the key resistance zone of 2050/70 looks a given by mid September.

a little more later...