Wednesday, 27 November 2013

Daily Index Cycle update

The main indexes closed weak, with the sp +0.3pts @ 1802. The two leaders - Trans/R2K, settled -0.1% and +0.9% respectively. There is near term opportunity for a minor down wave to the sp'1780/70s, before pushing higher again across December.





It never fails to amaze me just how powerfully bullish the R2K is. Sub'1000s are now a clear 11% below..and I dare anyone to suggest we have any hope of a decline >7% before the late spring.

With it being a holiday week, price action is quiet, but overall..there is fair chance for some further weakness into Friday - which is itself a half day.

Right guess...bears manage the 1780s early Friday..but then... up up up!

a little more later...