Wednesday, 20 January 2016

Daily Index Cycle update

US equities closed very mixed, sp +1pt @ 1881 (intra range 1901/1864). The two leaders - Trans/R2K, settled lower by -0.5% and -1.3% respectively. Near term outlook remains for a bounce into the next FOMC, best bullish case is for 1960/70s, before renewed powerful downside to the 1750/25 zone.




Most notably, despite closing net lower, the two leaders - Trans/R2K, did manage to hold above the Friday low.

Similarly, the sp'500 held the Friday low of 1857... with a marginally higher low of 1864.

Near term outlook: bullish to sp'1940/60s, battling upward into the next FOMC.

Broader downside to at least 1750/25.

a little more later....