Thursday, 21 April 2016

Daily Index Cycle update

US equity indexes closed a little higher, sp +1pt @ 2102 (intra high 2111). The two leaders - Trans/R2K, settled u/c and +0.2% respectively. Near term outlook still offers cooling to the gap zone of 2065/61, but a monthly close <2050 looks increasingly difficult.




Suffice to add, despite some closing hour weakness, it was another day for the equity bulls, having broken new cycle highs across all the main indexes.

Until equity bears can attain a few daily closes under the recent key low of sp'2033, there can't be much confidence on the bearish side.

a little more later...