Thursday, 31 July 2014

Daily Index Cycle update

Most US indexes closed with minor gains, sp +0.1pts @ 1970 (Intraday range 1962/78). The two leaders - Trans/R2K, settled higher by 0.7% and 0.4% respectively. Near term outlook is for renewed upside to new highs.. sp'1990/2000s.


sp'daily5



R2K


Trans


Summary

So..the two leaders managed to close moderately higher, after what was a pretty choppy day.. but then.. it was a fed day.

Overall... it would seem we have a high chance of having floored at sp'1962.

A break to new historic highs >1991, by Friday afternoon is a very viable outlook, with 2000s arguably a given in August.


Closing update from Riley



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a little more later..