Wednesday, 1 May 2013

Daily Index Cycle update

The main indexes all closed moderately higher to end the month, lead by the Nasdaq which managed gains of 0.66% - greatly helped by a very strong AAPL. Near term trend is still higher, and there is still absolutely no sign of a turn/levelling phase. May will start bullish.





In the closing minutes of April trading, the SP' managed a fractionally new high of 1597.57. This largely confirms the recent new high seen in the Nasdaq.

Clearly, other indexes are still to confirm the new highs, but with the FOMC tomorrow, there is now the imminent threat of sp'1600s. The weekly charts are offering 1620s 'at any time' beware.

Frankly, all the bears have left right now is the hope of a 'dire' monthly jobs data point this Friday. Yet, the recessionary Chicago PMI number today did nothing to stop the market rallying into the close.

It has to be wondered, even if the Friday number is a net loss, would it even matter? After all, QE will then be even more likely to continue, and more than anything, that seems to be all that the US equity market cares about.

For the was just another bad day to end what has become just another month of failed downside.

a little more later..