Thursday 12 June 2014

Daily Index Cycle update

US indexes saw moderate weakness across much of the day, sp -6pts @ 1943. The two leaders -Trans/R2K, settled lower by -0.8% and -0.5% respectively. Near term outlook is for renewed upside into the FOMC of June'18.


sp'daily5


Summary

Little to add.

Yes, the MACD (blue bar histogram) cycles are rolling over on most indexes, but there is nothing too decisive yet, and I'm guessing we'll see one further multi-day wave higher...taking us into the FOMC of next Wednesday.

I certainly have zero interest in being short the indexes until at least next Wed' afternoon, and even then, downside might be limited to just 2-3%.
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Closing update from Riley

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a little more later...