Friday 26 July 2013

Daily Index Cycle update

The main indexes closed somewhat mixed, but more to the upside. The market battled slowly..but consistently higher into the afternoon, with the sp' +4pts @ 1690. The 1700s are again right back on the table, and the market looks set to rally into early next week.


sp'daily5



R2K



Trans


Summary

So...once again it was the case where the bears saw early morning moderate falls, only to see them evaporate. Even the especially weak Transports managed to close effectively flat after earlier falls of around 0.8%.

With the R2K closing +1%, equity bears still look largely powerless.
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Best guess remains, sub'4 is now complete, and sub'5 should take around 3-4 days, with a target of sp'1710/20.

a little more later...