Thursday, 21 November 2013

Daily Index Cycle update

The main indexes closed a little lower, sp -6pts @ 1781. The two leaders - Trans/R2K, closed -0.3% and -0.14% respectively. Near term outlook remains broadly bullish, with upside into the sp'1810/20s.





I realise some equity bears will be getting a little excited at today's red close, but really..the declines were minor, and we have a VIX which closed flat.

The hourly charts are now arguably oversold, and we look set for significant upside ..back in the sp'1800s by late Friday..or early next week.

With next week being a holiday week, I see next to zero hope that the equity bears will be able to manage a 1% decline until early December.

a little more later...