Thursday, 5 February 2015

Daily Index Cycle update

US equities closed moderately weak, sp -8pts @ 2041 (intra high 2054). The two leaders - Trans/R2K, settled lower by -0.2% and -0.5% respectively. Near term outlook is offering a Thursday down wave to the 2030/20s... before renewed upside on monthly jobs data.


sp'daily5


Dow


Summary

*Dow was especially helped by Disney today, which had gains of 7.5% in the $101s
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Little to add. The broader market is clearly still vulnerable to ANY news wire headline about Greece.

However, unless the Monday floor of sp'1980 is taken out, the equity bears can't get overly excited about bigger multi-week... or month declines.
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Closing update from Riley


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a little more later....