Tuesday, 9 July 2013

Daily Index Cycle update

The US markets started the week on a moderately bullish note, with the sp +8pts @ 1640. The R2K managed similar gains of 0.4%, closing @ 1009. Transports were a little weak, +8pts to 6298. Trans 6600s will be the first clear signal that the market remains in hyper-bullish mode.





So, the market is broadly continuing the up trend since the sp'1560 low, from 10 trading days ago.

Unquestionably, the bulls are back in control, and with the weekly charts now also back to a broadly bullish formation, further gains seem likely this week, to sp'1650/60s.

The only issue appears to be, whether sp'1700s will be hit this month...or next.

a little more later...