Tuesday, 16 June 2015

Daily Index Cycle update

US equities closed moderately lower, sp -9pts @ 2084 (intra low 2072). The two leaders - Trans/R2K, settled lower by -0.5% and -0.3% respectively. Near term outlook is very mixed, with viable moderate upside/chop into the FOMC announcement (Wed' 2pm). A test of the 200dma in the sp'2055/50 zone looks probable.




*Trans remains the market laggard. New highs (>9300s) look unlikely for many months.

Little to add.

Best guess.. moderate upside/chop into Wednesday afternoon (FOMC 2pm, with a press conf. shortly after), before resuming lower.

Closing update from Riley

a little more later...