Friday, 31 January 2014

Closing Brief

US equities opened sharply lower (sp -22pts), but saw a traditional latter day recovery. The sp' closed -11pts @ 1782. The two leaders - Trans/R2K, settled -0.2% and -0.7% respectively. The past 5 trading days are probably a large bear flag, suggestive of a key break <1767 next week.



*a pretty weak closing hour, with a clear rollover on the hourly MACD cycle. It bodes more to the bears..for the Monday open.

..and another week..and month comes to a close at the worlds wildest and rigged casino.

With trading pros like Oscar getting whipsawed day after day, it is no wonder how the less adept are feeling exhausted and confused. However, I can only suggest anyone go stare at any of the daily or weekly index cycles.

There looks to be further downside next week, and it could be all the way to the low 1700s.

Have a good weekend everyone!
*the weekend update - late Saturday, will probably be on the world monthly indexes