Wednesday, 6 January 2016

Daily Index Cycle update

US equity indexes closed moderately mixed, sp +4pts @ 2016 (intra low 2004). The two leaders - Trans/R2K, both settled higher by around 0.2%. Near term outlook offers the 2030/40 zone, before a powerful move lower, at least to the 1960/50s. The bigger weekly/monthly cycles continue to offer 1920/00 zone.




*a new multi-year low for the Trans of 7277. Next key support is the 7K threshold, after that.. 6000/5500.

Suffice to add, a day of moderate chop.. a 'holding pattern day'... with most indexes offering price structure of a bear flag.

Outlook is bearish... at least to the 1960/50s... perhaps 1920/00 zone.

Closing update from Riley

a little more later..