Tuesday, 23 February 2016

Daily Index Cycle update

US equities closed significantly higher, sp +27pts @ 1945. The two leaders - Trans/R2K, settled higher by 1.8% and 1.2% respectively. Near term outlook is for further upside to the 1950/65 zone. From there, threat of cooling into end month, before resuming higher across first half of March to around sp'2K.




*the 'old leader' - Transports, looks headed for a test of the 200dma.. which in early March will be in the 7800s.

As for the sp'500... next resistance is 1950/65 zone... some cooling into end month.. before a realistic test of the psy' level of 2K by mid March.

Update from Riley (intraday, but it still applies)

a little more later...