Wednesday 13 August 2014

Daily Index Cycle update

US indexes closed moderately lower, sp -3pts @ 1933. The two leaders - Trans/R2K, settled u/c and -0.8% respectively. Near term outlook is for further upside into the sp'1950/60s.


sp'daily5


R2K


Trans


Summary

Suffice to say... two days up...a day of chop.. and considering the hourly index cycles, we're set for further gains tomorrow.

What happens when the market attempts to clear the 50 day MA of sp'1955.. that is a key  issue... and is very difficult to answer right now.

Bulls could easily fail on the first attempt.. but succeed next week.. with a key break into the important sp'1970s.

Best guess... sp'2000s in September....and thus I am holding LONG.
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Closing update from Riley



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a little more later...