Tuesday, 8 March 2016

Daily Index Cycle update

US equity indexes closed moderately mixed, sp +1pt @ 2001 (intra high 2006). The two leaders - Trans/R2K, settled higher by 0.4% and 1.1% respectively. Near term outlook is for further chop, but leaning on the upside. Next target is the 200dma of sp'2022, with the 2030/40 zone more viable next week.




*A notable fifth consecutive net daily gain for the sp'500, the best run since Dec'2014.

Suffice to add, most indexes look set to test their respective 200dmas. With the FOMC next Wedneday, there is viable upside to the gap zone of sp'2038/43.. before the rally from 1810 maxes out.

a little more later...