Tuesday, 29 July 2014

Daily Index Cycle update

US indexes closed somewhat mixed, sp +0.6pts @ 1978. The two leaders - Trans/R2K, settled -1.1% and -0.4% respectively. Near term outlook is for minor churn, before a break to the sp'2000s.. which seems very viable this Friday.





Morning weakness, but with a somewhat typical latter day recovery.

Most notable today, the declines in the Trans/R2K, both of which had significant declines in late morning.. but even they recovered to some extent.

The closing candle on the R2K is offering a spike floor, but until the R2K is >1165, I won't be able to get confident that the 1120s.. or worse - the 1080s, are safely out of range.

Closing update from Riley

a little more later...