Wednesday, 23 March 2016

Daily Index Cycle update

US equity indexes closed moderately mixed, sp -1pt @ 2049. The two leaders - Trans/R2K, settled lower by -0.8% and -0.1% respectively. Near term outlook offers further upside to the sp'2060/80 zone, not least if WTIC Oil can see a brief surge to the $43/44s. In the next down wave, first soft target will be the 50dma.


Nasdaq comp'


The US market continues to regularly break new cycle highs.. and there is currently ZERO sign of a turn/ceiling.

sp'500 - next resistance is the 2060/80 zone. The late Dec' high of 2081 remains pretty damn important, and equity bears really should be desperate for no weekly/monthly closes above there.

nasdaq - next resistance is the 4900 threshold, with a clear gap zone of 4900/5000. Sustained action >5K still looks very difficult.

a little more later...