Tuesday, 29 April 2014

Daily Index Cycle update

US equities opened higher, but unraveled into the early afternoon - swinging from sp'1877 to 1850. With a latter day recovery, the sp' settled +6pts @ 1869. The two leaders - Trans/R2K, closed u/c, and -0.5% respectively. Outlook is bullish into early May.





Suffice to say, the broader up trends are STILL holding. The daily candle on the sp'500 is somewhat bullish for Tuesday.

The two leaders remain especially weak, but the equity bears really haven't managed to display much real downside power in the broader market.

Indeed, considering the hourly index cycles, there looks to be viable upside to the sp'1880/90s by late Wednesday.

Closing update from Mr TopStep

a little more later...