Friday 22 November 2013

Daily Index Cycle update

The indexes closed with moderate gains, with the sp +14pts @ 1795. The two leaders - Trans/R2K, closed +1.1% and +1.8% respectively. Near term outlook is bullish into next week..upside target is the sp'1815/25 zone. VIX 12s, confirm a fearless market into next year.


sp'daily5


R2K


Trans


Summary

Whilst the headline indexes were only moderately higher, it is highly notable to see the two leaders up so strong. The 1.8% gain in the R2K is pretty incredible, and we're on the edge of breaking new historic highs in the R2K. Weekly charts offer upside to the 1150/75 zone in early December.

As for the sp'.. upside target is 1815/25..which seems very viable across the next 1-2 weeks.

Equity bears...haven't a hope until next month, and even then, downside at best...3-4%.

a little more later...