Friday, 30 January 2015

Daily Index Cycle update

US equities closed moderately higher, sp +19pts @ 2021 (intra low 1989). The two leaders - Trans/R2K, settled higher by 0.6% and 1.3% respectively. Near term outlook is uncertain, with threat of a hit of the 200dma of sp'1973... before renewed upside.





*Trans - 'old leader', is particularly interesting, since it is bouncing off rising trend.

The sp' and most indexes though, look a bit of a mess. Market has been broadly stuck since early December. Until we're back above sp'2064.... market is vulnerable to more considerable downside.

a little more later...