Thursday, 4 February 2016

Daily Index Cycle update

US equities closed broadly higher, sp +9pts @ 1912 (intra low 1872). The two leaders - Trans/R2K, settled higher by 1.0% and 0.1% respectively. Near term outlook offers broad upside to the sp'1970s next Wed/Thursday, when the Yellen will appear. Sustained action >2K still looks out of range, with regular bearish price action still supporting that notion.




*price structure on the Transports remains a very clean bear flag.

Suffice to add, a rather dynamic day in equity land, with the sp'500 seeing a swing of 2.3% from 1872 to an afternoon high of 1918.

The daily candle is offering a rather clear spike floor, with probable upside next week.. to the 1970s.

a little more later...