Wednesday 30 July 2014

Daily Index Cycle update

US indexes saw a day of moderate chop, sp -8pts @ 1969. The two leaders - Trans/R2K, settled -1.4% and +0.2% respectively. There is opportunity of the low 1960s, before 1990/2000s.. within the next few days.


sp'daily5


R2K


Trans


Summary

Suffice to say, a day of moderate chop for most indexes, ahead of Q2 GDP, and the announcement of QE taper'6.

The black-fail candle on the Transports remains the only particularly bearish aspect out there. Since that candle, we've seen 4 daily net declines... next support is around the 50dma... 8181.. that is only another 0.4% lower.

Even the weak R2K managed a minor daily gain, and looks set to make a play for the 1170s by end week.
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Closing update from Riley


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a little more later...