Thursday, 14 April 2016

Daily Index Cycle update

US equity indexes closed broadly higher for the second consecutive day, sp +20pts @ 2082 (new multi-month high 2083). The two leaders - Trans/R2K, settled higher by 2.6% and 2.2% respectively. Near term outlook offers continued upside melt.. not least with a looming Friday opex.





sp'500: a clear break above the late Dec' high of 2081. Next upside resistance is arguably not until the psy' level of 2100.

Nasdaq: a strong close above the 4900 threshold. Next resistance is the upper end of the gap at the giant psy' level of 5K.

R2K: settling just under the 200dma. Any daily closes in the 1140s will open up the 1200 threshold.. and that would be suggestive the Dow/Sp'500 would be trading at new historic highs in May.

a little more later...