Thursday, 28 January 2016

Daily Index Cycle update

US equities closed significantly lower, sp -20pts at 1882 (intra high 1916). The two leaders - Trans/R2K, settled lower by -0.9% and -1.5% respectively. Near term outlook remains bullish into February, but clearly... the market is unsettled, as there are multiple econ/corporate concerns.




Suffice to add... the daily candles are certainly somewhat bearish.

Yet.. on balance, when considering today was a Fed day (prone to swings), and the bigger weekly cycles, the recent low of sp'1812 should comfortably hold.

First target remains 1940s, if not the 1970s by mid February.

a little more later...