Saturday, 21 February 2015

Daily Index Cycle update

US equities melted higher into the weekend, sp +12pts @ 2110. The two leaders - Trans/R2K, settled higher by 0.6% and 0.3% respectively. The bigger weekly cycles will be offering stiff resistance in the sp'2110/20s, but at best.. any retrace is likely to not go much below sp'2050.




Suffice to say... new index highs in the sp'500, Dow, R2K,    with a post 2009 high for the Nasdaq Comp'.

There is simply nothing bearish... although we're clearly due a retrace... if only to the 50dma in early March.. somewhere in the sp'2050s.

Closing update from Riley

a little more later...