Friday, 25 March 2016

Daily Index Cycle update

US equity indexes closed moderately mixed, sp -0.8pts @ 2035 (intra low 2022). The two leaders - Trans/R2K, settled -0.4% and +0.3% respectively. Near term outlook threatens a bounce to the 2045/55 zone, but a break above the recent high of 2056 looks overly difficult. First soft downside target is the 1960/50 zone.





Suffice to add... a naturally quiet day of pre-holiday chop. There was a distinct latter day 'algo-bot upside melt' into the close, with a fair few indexes closing marginally positive.

Considering the many aspects of overhead resistance, and the broader weekly/monthly cycles, it seems increasingly probable that this week saw a key mid term top put in.

a little more later...