Friday, 6 June 2014

2pm update - R2K headed for the 1200s

US equities are very comfortably holding the gains, with the smaller 5/15min cycles offering upside into the close. The R2K is at the border of the R/S target zone, but considering the recent price action - notably in the Nasdaq, I expect the R2K to push back into the 1200s..and beyond.

R2K, daily

Summary things are.. I just can't see the R2K holding below the 1200 threshold..whether this month..or next, it doesn't really matter.

Certainly, the daily cycles are getting close to overbought - with an RSI in the mid 60s.

*the sun is shining strong over London city, on what is a rather good summers day, I'm glad to have no positions.....will reassess on Monday - esp' for WFM

Certainly, even zone'1 looks tough to hit on Monday