Wednesday, 30 March 2016

Daily Index Cycle update

US equity indexes closed broadly higher, sp +17pts at 2055 (intra low 2028). The two leaders - Trans/R2K, settled higher by 1.2% and 2.7% respectively. Near term outlook increasingly threatens a turn, with first key target of the 50dma.. which will be in the 1960s across early April.


Nasdaq comp'


sp'500: it is notable that the upper daily bollinger is at 2069. A break above the most recent 'marginally lower high' of 2081 looks out of range.

Nasdaq: the key 4900 threshold is a mere 1.0% away.. with the 200dma lurking. Sustained price action >4900 looks extremely difficult.

Closing update from Mr R.

a little more later...