Wednesday, 6 August 2014

Daily Index Cycle update

US indexes saw rather significant declines, sp -18pts @ 1920. The two leaders - Trans/R2K, settled -1.1% and -0.3% respectively. Near term outlook is offering a key floor - near the Dow 200dma (16333), before sig' upside into mid September.




So.. the Monday bounce gains are reversed, and we've broken the Friday morning lows.

However, the broader market is likely very close to a key turn.

Equity bears need to be very mindful in that a break of the 200 day MA on the Dow might be brief...and a mere 'tease' - just like early February.

Closing update from Riley

a little more later...