Wednesday, 4 May 2016

Daily Index Cycle update

US equity indexes closed broadly weak, sp -18pts @ 2063 (intra low 2054). The two leaders - Trans/R2K, settled lower by -1.2% and -1.7% respectively. Near term outlook offers sp'2040/38 - where the 50dma is lurking. A daily close under the two soft lows of 2039/33, in the 2020s will not be easy.




Suffice to add... the Friday gains were broadly negated by today's declines.

sp'500: next support, 50dma.. around 2040/38. Any daily close in the 2020s will open up a brief foray to the 1990s.. before next sig' bounce.

Dow: 17k remains the key support threshold, and that should comfortably hold in the current down cycle from 18167.

a little more later...