IWM, daily
Nasdaq Comp
Sp'daily5
Trans
Summary
Well, that's it for another week, and another trading month. It was certainly a bit of a messy trading day, not least the closing hour which was starting to slip lower...and then Morgan Stanley appear with 3.5bn to spend. Who ordered that giant order, hmm ?
A brief note on the MACD (blue bar histogram) cycle, which is now very high on all indexes. We are toppy on any basis, and a 1-2 week down cycle is very feasible, even if it puts in a slightly higher low >1343.
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As it is, I am holding to my original outlook, which so far..is on track. We hit my target zone of sp'1410/25, and now we've seen the first trading day where we might be levelling out, before the next major wave lower.
sp'daily4 - original outlook
Its going to be real interesting to see whether I'm also broadly right about the next wave. We'll know soon enough.
A little more later