Saturday, 11 August 2012

Daily Index Cycle update

Marginal gains for the main indexes today, with most closing the week around 1% higher.





The Rus'2000 and the Transports remain weak, they are certainly not matching the gains seen in the big Sp'500 or the dow'30 these past 5 weeks.

We can be clear about this, there is NO sign of a turn lower yet, although a few indexes are showing signs of levelling out on the MACD (blue bar histogram) cycle.

Even if somehow we do start to cycle lower by the middle of next week, it seems likely we'd get a bounce somewhere in the sp'1360s. Whether that eventually comes to form a H/S formation, we'll just have to see.

A little more later.