Thursday, 28 May 2015

Daily Index Cycle update

US equity indexes closed with somewhat significant gains, sp +19pts @ 2123 (intra high 2126). The two leaders - Trans/R2K, settled higher by 1.1% and 1.3% respectively. Near term outlook offers sig' weakness into the weekend, with a target of 2080/75.




*Trans remains the big laggard, and remains under the old floor of the 8500s. First upside target is declining resistance in the 8700s, but that looks out of range for at least another 7-10 trading days.

As for the sp'500, clearly, a day for the equity bulls.. but there still looks to be viable renewed downside to the 2080/75 zone within the next 2-3 trading days.

The 200dma is offering core support in the 2040s... with the giant psy' level of 2K unlikely to be broken for some months.

Closing update from Riley

a little more later...