Thursday, 7 May 2015

Daily Index Cycle update

US equities closed moderately weak, sp -9pts @ 2080 (intra low 2067). The two leaders - Trans/R2K, settled higher by 0.2% and 0.3% respectively. Near term outlook is bearish to the 2040/30 zone before the weekend. There still remains significant threat of marginal new highs in late May/early June.





*the two leaders are still leading the way lower... although both saw notable moderate net daily gains.

With the loss of sp'2072, there is effectively empty air to at least 2050, if not as likely... 2040/30 zone, where the 200dma will be lurking this Friday morning.

Near term bearish.. but viable new historic highs (in some.. but not necessarily all indexes) by early June.

a little more later...