Tuesday, 6 January 2015

Daily Index Cycle update

US equity indexes settled broadly lower for the fourth consecutive day, sp -37pts (-1.8%) @ 2020. The two leaders - Trans/R2K, closed -2.7% and -1.4% respectively. Near term outlook offers a key floor within the next few days.. before new historic highs in late Jan/early Feb.





An interesting start to the week, but overall... the pre-FOMC low of sp'1972 looks unlikely to be broken in this down cycle.

Most indexes have now filled the price gap zone... although the breaks of the 50dma's are something of a problem.

Closing update from Riley

a little more later...