Saturday, 19 March 2016

Daily Index Cycle update

US equity indexes closed moderately higher, sp +8pts @ 2049 (intra high 2052). The two leaders - Trans/R2K, settled higher by 1.4% and 1.0% respectively. Near term outlook threatens further Oil upside to the $44/45s, and that might equate to the sp'2070/80 zone, before next opportunity of a rollover.


Nasdaq comp'



sp'500 - having cleared the gap zone of 2038/43, and soft resistance of 2050, next level is the 2070/80 zone.

Nasdaq - a clear gap from early Jan', around the 4900 threshold.

R2K, a new cycle high of 1102, with a notable weekly close above the 1100 threshold. Next resistance is arguably not until the 200dma in the 1140s.

a little more later...