Saturday, 21 September 2013

Daily Index Cycle update

The main indexes all closed moderately lower, with the sp -12pts @ 1709. The two leaders - Trans/R2K, closed -0.5% and -0.2% respectively. Despite the slightly weak closing hour, the broader weekly trends remain outright bullish. Sp'1730s looks viable later next week.





Suffice to say, with It being quad-opex, along with a major index re-balancing, I'm somewhat dismissive of today's price action. Although I had certainly been looking for downside into the sp'1714/10 zone.

The broader weekly trends remain strongly to the upside. Baring a few daily closes <sp'1700, I really don't think equity bulls have anything to be concerned about.

*there are 3 significant QE-pomo days next week, and that should easily be enough to help the market battle to new highs, with sp' in the 1730s.

a little more later...