Saturday, 27 February 2016

Daily Index Cycle update

US equity indexes closed moderately mixed, sp -3pts @ 1948 (intra high 1962). The two leaders - Trans/R2K, both settled higher by around 0.5% Near term outlook offers further upside to at least the 2K threshold. Best case is the 200dma in the 2020/25 zone, or the 2038/43 gap zone.. by FOMC week (March 14th).




Suffice to add, a new cycle high of sp'1962.. well above the marginal double top of 1946/47.

Despite closing net lower, the sp'500 and the Dow both attained a second consecutive daily close above their respective 50dma.

Near term outlook is bullish into next Monday/end month.. and broadly into mid March.

a little more later...