Thursday, 3 March 2016

Closing Brief

US equity indexes closed broadly higher, sp +6pts @ 1993. The two leaders - Trans/R2K, settled higher by 1.1% and 1.0% respectively. Near term outlook offers the sp'2K threshold for 'jobs Friday', with the 2020/40 zone viable by the next FOMC of March 16th.



Closing hour action: further micro chop, but breaking a new cycle high of 1993.

Another day for the bull maniacs, as equity bears remain utterly powerless.

I realise some might see tomorrow as an excuse for a significant retrace lower, but the 2K threshold looks due.. and it could easily cascade into next week to the 2020/40 zone.

Indeed, the weekly MACD cycles are set to see a bullish cross... as early as tomorrow, or the Monday open.

more later... on the VIX