Thursday, 31 December 2015

Daily Index Cycle update

US equity indexes closed broadly lower, sp -15pts @ 2063 (intra low 2061). The two leaders - Trans/R2K, settled lower by -1.1% and -0.9% respectively. Near term outlook offers a Thursday/year end close around 2090, with the 2100s viable next week.




Suffice to add, not a great day for the bulls, but then.. neither was there any real sell side power/volume behind the daily declines.

There is a clear price gap of sp'2060/56.. and Mr Market came within 1pt of hitting that in the closing hour.

Near term outlook: viable early Thursday morning weakness... before resuming upward, with first target at next resistance of 2090.

re: Dow. The 18K threshold remains powerful resistance, and those equity bulls seeking broad gains in 2016 are going to need to see a few weekly closes back above 18K.. and HOLD above.

a little more later..