Friday, 22 April 2016

Daily Index Cycle update

US equity indexes closed moderately lower, sp -10pts @ 2091. The two leaders - Trans/R2K, settled lower by -1.2% and -0.6% respectively. Near term outlook offers the 2065/61 gap zone, before some chop into the FOMC of April'27th.




sp'500: the rising trend from the 1810 low is clearly still intact. Equity bears need to see a daily close under the 10MA (2078), before the door is formally open to a basic retrace to around 2040.

Dow: a notable close under the 18K threshold. Equity bears need to see <17400 to have any confidence the market has possibly faked out the bull maniacs once again. To have HIGH confidence, equity bears need a weekly close <17K.

a little more later...