Thursday 17 December 2015

Daily Index Cycle update

US equities closed broadly higher, sp +29pts @ 2073. The two leaders - Trans/R2K, settled higher by 1.8% and 1.5% respectively. Near term outlook is bullish, first target is the 2080/85 resistance zone, then the 2100 threshold... with the May high of 2134 still in range before year end.


sp'daily5



Trans



Summary

A clear break of the downward trend/resistance (sp'2065), with a close comfortably in the 2070s.

Even the Transports is pushing to break the short term downward trend... but it sure is a long way just to test the 200dma in the 8300s.

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a little more later...