Thursday, 31 March 2016

1pm update - fractional new high for the R2K

Whilst the broader market continues to churn, there is a notable new cycle high (if fractional) for the second market leader - the R2K. Next resistance is the 200dma in the 1140s, if hit, it would be suggestive of sp'2080/85 zone.

R2K, daily

R2K, monthly


It is notable that the R2K remains under the monthly 10MA - currently @ 1143, 2pts above the 200dma.

In any case, the R2K is set for a monstrous monthly gain of around 8%, which I believe is the best month since Oct'2011.

Relative weakness... miners, GDX, daily

..which considering Gold is +$6.. is something of an under performance.