Thursday, 30 July 2015

Daily Index Cycle update

US equities closed broadly higher, sp +15pts @ 2108. The two leaders - Trans/R2K, settled higher by 1.7% and 0.5% respectively. Near term outlook is mixed, with the hourly cycles offering a down wave across Thurs/Friday, but the daily close >sp'2100 (where the 50dma is lurking) is a rather bullish signal for early August.




*the market laggard - Trans, has seen a rather decisive break above declining resistance/trend. Right now, it the most bullish break of trend that I'm aware of.

The sp'500 close above the 2100 threshold.. and the 50dma was particularly bullish, and offers broader upside into August.

a little more later...