Friday, 22 April 2016

Closing Brief

US equity indexes closed mixed, sp u/c @ 2091 (intra low 2081). The two leaders - Trans/R2K, settled higher by 0.9% and 1.0% respectively. Near term outlook offers pre-FOMC cooling to the 2065/61 gap zone. How the market trades after Yellen is out of the way... very difficult to say.



closing hour action: micro chop.

Price structure remains a bear flag on the hourly chart... offering the 2060s next Mon/Tuesday.

.. and another week in the twisted casino comes to a close.

Despite some cooling from late Wed' afternoon, it has to be called another week for the bull maniacs, having broken new multi-month highs across all the main indexes.

With a new cycle high of sp'2111, the bulls could easily tolerate the 2050/40s next week, even the 1990s (38% fib retrace), without denting the bullish scenario of broad strength across the rest of this year.

Regardless of the market....

Have a good weekend everyone.

*the usual bits and pieces across the evening to wrap up the week.