Saturday, 9 August 2014

Daily Index Cycle update

US indexes climbed into the weekend, sp +22pts @ 1931. The two leaders - Trans/R2K, settled higher by 1.3% and 1.0% respectively. Near term outlook is for the sp'1950/60s, where there will be stiff resistance.





As a few noted this week, it was highly notable that the R2K was holding together very well. The fact the R2K managed net weekly gains of around 1.5% is especially impressive, considering the lower low of sp'1904.

With the break into the 1130s, there is a borderline break of the down trend in the R2K... the door is now open to the 1160s next week. It will be tough to break 1170.

Transports managed to hold the broader upward channel, and the issue now is whether new highs will be hit.. or whether we'll see our first lower high.

Closing update from Riley

a little more later...