Saturday 26 October 2013

Daily Index Cycle update

The main indexes closed moderately higher, with the sp +7pts @ 1759. Trans/R2K closed -0.2% and -0.1% respectively. Near term trend remains broadly bullish, and the sp'1800s now look comfortably viable in November.


sp'daily5


Dow


R2K


Trans


Summary

Even the closing hour micro-spike was enough to break a new historic high for the sp @ 1759.82.

There is simply nothing bearish in the immediate term, and we could easily battle higher for another few weeks, if not into December.

Certainly, as I noted yesterday, equity bulls should be seeking the Dow in the 15800s to confirm the strength seen in other indexes. However, I'm sure that is just a matter of weeks away, rather than 'if'.

a little more later...