Friday, 25 July 2014

Closing Brief

US indexes all closed weak, sp -9pts @ 1978 (intra low 1974). The two leaders - Trans/R2K, settled -0.4% and -1.0% respectively. Near term outlook is for renewed upside (and new highs) next week.


sp'15min


sp'60min


Summary

*price structure on the 15min could be a bear flag, if so, we'll be in the 1960s early next week.. before the next up wave.
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...and another week comes to a close.

Certainly, today was a bit of a mess, I'd expected maybe -0.5%, but the Dow/R2K were lower by around 1%, not exactly minor.

I still think the new historic highs in the sp/Trans are more important than today's weakness, and the broader up trends remain intact.

*I hold moderately long across the weekend
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Have a good weekend everyone

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*the weekend update will be on the US weekly indexes