Tuesday, 3 November 2015

Daily Index Cycle update

US equity indexes closed significantly higher, sp +24pts @ 2104 (intra high 2106). The two leaders - Trans/R2K, settled higher by 1.4% and 2.1% respectively. With a new cycle high, the outlook for a retrace is back on hold.. but is clearly due, with the market having ramped 235pts (12.5%) from the 1871 low, a mere 25 trading days ago.


Nasdaq comp'


*it is very notable that the Nasdaq is within 2% of a new historic high (5231).

New cycle high for the sp' @2106.. a monstrous 235pts (12.5%) above the Sept' marginally higher low of 1871.

A retrace remains due to the 2020/10 zone. Sustained action <2K looks highly unlikely for the rest of the year.

a little more later...