Wednesday, 26 March 2014

Daily Index Cycle update

US indexes closed moderately higher, sp +8pts @ 1865. The two leaders - Trans/R2K, settled +0.5% and u/c respectively. Near term outlook is uncertain, until a break either >1883, or under 1834. VIX continues to reflect a market that has broadly no concerns in the near term.





The most notable aspect about today, the Transports, which came pretty close to breaking a new historic high, but then it has been trying to do that for the last 12 days (if you start the count from the high of March'7 of 7627).

Aside from that, the market remains in a rather tight trading range of around 3%

Bulls just need to push 1% higher to break new historic highs, whilst bears need to take out 1834, to have a small hope of 1800/1790 within a week or two.

a little more later...