Friday, 13 May 2016

Daily Index Cycle update

US equity indexes closed moderately mixed, sp -0.3pts @ 2064. The two leaders - Trans/R2K, settled lower by -1.4% and -0.5% respectively. Near term outlook is extremely messy, as there is clear threat of another push to the 2090/2100 zone.




sp'500: a 20pt (1.0%) range.. swinging from 2073 to 53.. but then a latter day recovery, settling effectively flat. It is notable that the 50dma held today.

Trans: a decisive break of the Friday low, with a second consecutive significant net daily decline. Next support is the price cluster zone of 7500/400s. A break into the 7300s would be pretty bearish, and offer an eventual break <7K in late May/early June.

Closing update from Riley

a little more later...