Saturday 28 June 2014

Daily Index Cycle update

US indexes closed the week moderately higher, sp +3pts @ 1960. The two leaders - Trans/R2K, settled higher by 0.3% and 0.7% respectively. There remains minor opportunity for a down wave to sp'1940, before new historic highs in July.


sp'daily5



R2K



Trans


Summary

The broader trend remains very much to the upside. I'm still somewhat suspicious that the market will see a minor test of the sp'1940 level early next Mon/Tuesday, but really, that is a mere 1% lower.

Certainly, there seems absolutely zero chance of the big 1900 threshold being broken in the near term... even by end July seems doubtful.

a little more later...