Saturday, 13 June 2015

Daily Index Cycle update

US equities closed broadly weak, sp -14pts @ 2094 (intra low 2091). The two leaders - Trans/R2K, settled -0.4% and -0.3% respectively. Near term outlook is uncertain into next week, with some stocks (such as INTC) suggestive of broader market weakness across next week.


Nasdaq comp'



*Trans remains in a moderate down trend from mid March. Until it is back above declining trend (8600s next week), it should be a concern to the equity bulls.

Suffice to add, the recent low of sp'2072 is looking somewhat vulnerable (to my surprise), and if that fails, the sp'500 will be set to test the rising 200dma (2050s).. for the first time since early February.

Closing update from Riley

a little more later...