Friday, 28 March 2014

Daily Index Cycle update

US indexes saw moderate chop across the day, sp -3pts @ 1849 (intraday range 1842/55). The two leaders - Trans/R2K, settled lower by -0.2% and -0.3% respectively. Near term outlook is for a key break <1830, which will open up a swift move to 1800/1790.





Despite the chop, the equity bears did get an important daily close <1850 - which used to be support, and is now becoming resistance.

The two leaders look weak, and they are offering much lower levels, equivalent to sp'1800/1790 which is my primary downside target zone.

a little more later...