Friday, 17 July 2015

Daily Index Cycle update

US equities closed broadly higher, sp +16pts @ 2124. The two leaders - Trans/R2K, settled higher by 0.2% and 0.7% respectively. Near term outlook offers a retrace to the 2095/90 zone, with the micro gap around 2080 looking somewhat difficult. Broader upside into early August remains probable.


Nasdaq comp'


*Nasdaq comp' is just 1pt away from the historic high of June 24th of 5164.

With the sp'500 clearing the upper gap zone of 2117/19, there is open air to the historic high of 2134.

Regardless of any retrace in the near term, new historic highs look probable in a number of indexes into August.

a little more later..