Friday, 7 June 2013

Daily Index Cycle update

The main indexes saw a pretty clear reversal day, with the sp' swinging from a low of 1598, to close @ 1622. That makes for an impressive 24pt reversal. Equity bulls should now be seeking a Friday close in the 1635/45 range, which should be enough to confirm a short term floor.





So...a big swing to the upside, and perhaps..the 11 day down cycle is complete. I suppose you could label this as day'1 up, although we'll only know for sure after a few more days.

As noted earlier today, the bears have had almost two full days to hit the exit button, in what was the primary target zone. If we are trading in the 1640/50s within the next few days, I can only imagine how many bears will have seen good winning positions turn back to major losses.

*I am long (still a touch underwater), seeking an initial exit in the low sp'1640s...perhaps as early as Friday morning.

a little more later...