Tuesday, 10 May 2016

Daily Index Cycle update

US equity indexes closed moderately mixed, sp +1pt @ 2058. The two leaders - Trans/R2K, settled u/c and +0.3% respectively. Near term outlook offers a further push to around 2080, but a bullish breakout looks unlikely. Instead, equity bears should get opportunity to break the Friday low of 2039.


Nasdaq comp'


sp'500: a day of minor chop, with a mere 10pt (0.5%) trading range. Break levels are 2080 on the upside... and <2039 on the downside.

Nasdaq: a second day higher for the tech', but remaining within a short term downward trend, under the 10/50/200 day MAs.

a little more later...