Thursday, 26 March 2015

Daily Index Cycle update

US equities closed lower for the third consecutive day, sp -30pts @ 2061. The two leaders - Trans/R2K, settled lower by -2.0% and -2.3% respectively. With the loss of the 50dma (2067), market looks set for continued downside to at least 2040... if not the 2020/10 zone.





*a rather notable decisive break of rising trend for the Transports.

A pretty interesting day for the market. It looked like we had floored around 11am at sp'2087 - 2pts above the retrace low, but within minutes.. .a very significant fail.

The failure of 2085 to hold lead to a swift snap lower... all the way into the close. With a daily close under the 50dma.. there is now viable downside to 2040 by the Friday close.

Yes.. I'm surprised.. although overall price action is nothing that merits any of the doomer bears to get overly excited. For that.. we'd need a clear weekly/monthly close <sp'2k.

Closing update from Riley

a little more later...