Wednesday, 24 February 2016

Daily Index Cycle update

US equity indexes closed broadly weak, sp -24pts @ 1921. The two leaders - Trans/R2K, settled lower by -1.3% and -0.9% respectively. Near term outlook threatens the 1905/00 zone, but with broader upside to the 1950/60s. The real issue remains whether the market will be able to claw to around 2K by mid March.





sp'500 - most realistic best bull case is the 2000 threshold. There is a small gap around 2040, but that looks seriously difficult.. even if the bulls managed to hold things together into late March.

Dow - first key resistance is the 17K threshold

Trans - the 200dma in the 7800s looks viable by mid March.

a little more later...