Thursday, 5 May 2016

Daily Index Cycle update

US equities closed broadly lower for a second consecutive day, sp -12pts @ 2051 (intra low 2045). The two leaders - Trans/R2K, settled lower by -0.9% and -0.8% respectively. Near term outlook offers a break under the important 2040 threshold.. with a fair opportunity of a weekly close in the 2020s.




Suffice to add... equities continue to weaken from the sp'2111 high. Overall price action is yet to get especially bearish.. with a great many aspects of support from the 2040 threshold to the 1990s.

Sustained action under the giant psy' level of 2K looks unlikely until late May.

a little more later...