Friday, 26 September 2014

Daily Index Cycle update

US equities saw some rather significant declines, having failed to hold the important sp'1978 floor. The sp' settled -32pts @ 1965. The two leaders - Trans/R2K, fell a significant -1.4% and -1.6% respectively. Near term outlook has turned very bearish.





We saw an awful lot of technical damage today. Not only was the recent low of sp'1978 taken out, but the 50 day was broken. There is little support until the price cluster zone of 1950/40.

Primary downside target for the particularly bearish 'doomer bears' should be 1920/00 by end of next week.

Closing update from Riley


a little more later...