Wednesday, 24 December 2014

Daily Index Cycle update

US equity indexes continued to break new historic highs, with sp' 2086 and Dow 18069. The near term outlook offers another 0.5-1.0% by year end.... with sp'2095/2105. The R2K is set to break above a year long trading range... which will be an extremely bullish signal for the broader market for 2015.





*as I have been noting for some weeks... the equity bears should be terrified about the implications of a monthly R2K close >1220.

I am dismissing the black-fail candles on some of the indexes today. It is holiday trading, and price action remains increasingly choppy. Without question though.. the up wave from last week continues.

Closing update from Riley

a little more later...