R2K
SP'daily5
Trans
Summary
A pretty dull day of nothing. After the opening gains settled around 1660 by mid morning, the indexes effectively flat lined until 3pm. There was then a slightly interesting little closing hour weakness, but still, we are 20pts away from taking out the double floor of 1635.
Despite the moderate gains, the underlying MACD (blue bar histogram) cycle ticked lower again, and price momentum is STILL increasingly swinging in favour of the bears.
The primary near term target zone is sp'1630/25, although many chartists are still seeking 1600/1597. I personally find the latter price target very unlikely in this down cycle.
a little more later...