Wednesday, 13 January 2016

Daily Index Cycle update

US equities closed moderately higher, sp +15pts @ 1938 (intra range 1947/14). The two leaders - Trans/R2K, settled higher by 0.9% and 0.3% respectively. Near term outlook offers further upside to sp'1970... possibly 1990s.... before renewed (and in theory) more powerful downside to at least the 1860s.




*R2K was notable today in that it briefly broke a fractional new cycle low of 1031. Next support remains the 1010/00 zone.

The sp'500 looks set to claw higher into opex-Friday/ early next week. 2000 remains an extremely powerful wall of resistance. Sustained price action >2K looks highly unlikely.

a little more later...