Tuesday, 11 February 2014

Daily Index Cycle update

The main indexes closed moderately mixed, with the sp +2pts @ 1799. The two leaders - Trans/R2K, settled -1.0% and +0.2% respectively. Near term outlook offers a small chance of a retrace into the 1770s, but regardless, a test of 1810/15 looks likely at some point.




*the weakness in the Trans, could be a sign that we are still going to re-test the sp'1770s.

So, a third day of gains for sp'500, and we're right on the border of the big 1800 threshold. Clearly, there is some resistance here, as we saw in the closing hour.

Best guess...even if we do drop to the 1770s across Tue-Thursday, it will very likely hold, as the weekly/daily cycles are starting to build upside momentum.

Closing update from Mr TopStep

a little more later...