Closing Brief

Finally, a proper red close for the market. After two weeks of waiting, this red colour is a welcome delight for those who been scaling into short positions recently. Although it has to be said, any 'serious' money would have got the boot after the market briefly broke above 1422 this morning.

The VIX confirmed the index declines, but remains so very low.

The closing hourly index charts


IWM

Dow

Sp

Summary

The Rus' and Transports remain a mess to chart. The dow has clearly broken the giant wedge, with the SP' set to do it tomorrow.

First downside target is 1390..and then 1380/70. However, unless we can break the recent cycle low of 1354, the primary trend is most certainly still UP.

More later