Thursday, 25 June 2015

Daily Index Cycle update

US equity indexes closed broadly weak, sp -15pts @ 2108 (intra low 2009). The two leaders - Trans/R2K, settled lower by -1.8% and -0.9% respectively. Near term outlook is bearish, with viable downside to the 2060s by end month. From there... if the Greek can is successfully kicked... upside across July and into August.


Nasdaq comp'



*fractional new historic high in the Nasdaq comp'

A useful day for the equity bears. We have a clear break lower on all the main US indexes. Further weakness looks due into early next week.

Not surprisingly, the Transports was particularly weak today, and that was despite WTIC Oil prices seeing a net daily decline of -1.4% @ $60.27. Next support is the big 8K threshold, and that is another 3.7% lower... which would probably equate to sp'2060s.

a little more later..