Saturday, 31 October 2015

Daily Index Cycle update

US equities ended the month moderately lower, sp -10pts @ 2079 (intra high 2094). The two leaders - Trans/R2K, settled lower by -0.1% and -0.3% respectively. Near term outlook is for a natural retrace to the sp'2020/00 zone.. where there are multiple aspects of support. From there... broadly higher into year end.



Suffice to add... at the current rate, the daily MACD (blue bar histogram) cycle will see a bearish cross next Tue/Wednesday.

Sustained action - even given 2-3 weeks, under the sp'2000 threshold looks unlikely for the remainder of the year. At best.. a retrace to the 2020/00 zone before renewed upside.

Closing update from Riley

a little more later...