Thursday, 3 October 2013

Daily Index Cycle update

The main indexes closed moderately lower, with the sp -1pt @ 1693. The two leaders - Trans/R2K, closed -0.4%. The US capital markets remain largely not concerned about the US Govt. shutdown with a VIX that remains relatively low in the 16s.





Suffice to say, the reversal candle on the sp' daily chart is probably important to keep in mind.

We certainly opened lower , but the 50 day MA did hold..and the market appears to just be building a secure floor before the first real upside.

Obviously, that upside is likely to violently begin the moment the politicians on capitol hill appear to have reached an agreement.

a little more later...