Tuesday, 3 March 2015

Daily Index Cycle update

US equities broke a trio of new historic highs, with Dow 18288, and R2K 1243. Most notable though, was the Nasdaq Comp', hitting the giant psy' level of 5000. Near term outlook offers the sp'2130s into the monthly jobs data... before the next minor retrace.

Nasdaq Comp'



*I've left a retrace target on the sp'500 chart, but for now... that is on hold. It'd seem we'll more likely start a retrace from the 2120/30s... and then get stuck in the 2070s or so. Anything under 2050 looks unlikely for some considerable time (as in months... not weeks).

Little to add... on what was just another day for the equity bull maniacs.

With the Nasdaq Comp' achieving a daily close in the 5000s... next target is the intra high of 5132. It would seem is it just a matter of when we'll see a decisive monthly close in the 5200s... not if.

Closing update from Riley

a little more later...