Thursday, 10 March 2016

Daily Index Cycle update

US equity indexes closed moderately higher, sp +10pts @ 1989 (intra high 1992). The two leaders - Trans/R2K, settled higher by 0.7% and 0.5% respectively. Near term outlook offers a 'Draghi inspired' break above last Friday's high of sp'2009.. with a test of the 200dma (currently 2021) early next week.




More than anything, it is notable that after broad Tuesday declines, there was simply no downside follow through today.

Best guess: further upside to the 200dma for most indexes. The market has a high probability of maxing out next week.

a little more later....