Thursday 20 February 2014

Daily Index Cycle update

US indexes saw mixed chop across the day, with the sp -12pts @ 1828. The two leaders - Trans/R2K, settled -1.3% and -1.1% respectively. Near term outlook is for renewed upside, breaking the Jan' high of 1850, with an initial target of 1865/75 by end month.


sp'daily5


R2K


Trans


Summary

The most notable move of the past two days has been the weakness in the old leader - Transports. Today, we saw that backed up by general weakness in the wider market.

However, equity bears need to take out the recent sub' wave top of sp'1826, before any hopes of significant downside can be considered viable.

Equity bulls must see Trans 7000 hold...or it will be a 'problem'.
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Closing update from Mr TopStep


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a little more later...