Thursday, 28 April 2016

Daily Index Cycle update

US equity indexes closed moderately mixed, sp +3pts @ 2095 (intra low 2082). The two leaders - Trans/R2K, settled higher by 0.1% and 0.3% respectively. Near term outlook offers downside to the 2065/61 zone before the weekend. Anything in the 2050/40s now looks out of range until next week/May.


Nasdaq comp'


sp'500: a minor gain, but notably coming within a mere 0.5% of the recent 2111 high. Near term downside to the 2060s looks viable into the weekly/monthly close. Sub 2040 looks difficult next week, as the soft lows of 2039/33 will offer a lot of support.

If 2111 was a key high.. even a basic 38% fib' retrace would take the sp' to the 1990s, and that would likely take at least 5-7 trading days to achieve.

Nasdaq: weighed down by AAPL, settling -0.5%.. just a touch above the 200dma (4848). Further downside to the 4700s looks probable.

a little more later..