Closing Brief

US equity indexes battled hard to hold somewhat significant net daily gains, sp +23pts @ 2025. The two leaders - Trans/R2K, settled higher by 0.7% and 1.3% respectively. Near term outlook is offering upside into the weekend. With a rather clear spike floor of sp'1992, the door to 1972/1960 appears to have closed.


sp'60min

Summary

An interesting day.. and certainly... the down cycle from sp'2093 appears to have concluded.

Now its a case of how high... and how quickly.

I'm well aware a fair few (not just the usual suspects) are seeking a move into the sp'2100s.. before a more significant down wave. Yet... why would the next down wave break any lower?

Broadly speaking, it remains a near relentless series of higher highs... and higher lows.
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On a day when maniacs were shooting artists in France... I'll end with this bearish update... from Washington D.C.



Have a good evening