Thursday, 3 March 2016

Daily Index Cycle update

US equity indexes closed moderately higher, sp +8pts @ 1986. The two leaders - Trans/R2K, settled higher by 0.2% and 1.1% respectively. Near term outlook offers the 1990s, with 2K viable this Friday. Broad upside looks due into the FOMC of March 16th.... best case is the gap zone of 2038/43.




Suffice to add, a second day gains, with the Dow and sp'500 headed for their respective 200dmas.

Price structure could be argued is a giant H/S formation (as Oscar.. and a few others have noted). In theory, equity bulls should not be able to manage any sustained action above sp'2020 / Dow 17200.

In any case, the broader outlook is bearish - as suggested by the bigger weekly/monthly cycles.

a little more later...