Thursday, 6 August 2015

Daily Index Cycle update

US equities closed moderately mixed, sp +6pts @ 2099 (intra high 2112). The two leaders - Trans/R2K, settled higher by 0.1% and 0.2% respectively. Near term outlook is uncertain after today's break above resistance. Until there is a daily close under the 200dma in the low 2070s, equity bears can't be overly confident.





*the market laggard - Trans, remains notably above the old broken channel

A notable fifth consecutive net daily decline in the Dow, but then.. the declines are still very minor. Indeed, until the Dow gets near the big 17k threshold, the broader bearish outlook remains suspect.

a little more later...