Closing Brief

The market closed moderately higher, with gains of around 1% for most indexes. The VIX again closed lower by around 6%, settling in the mid 13s - nothing less than near 100% market complacency. First downside target for the bears should be a daily close <sp'1570.


sp'60min

Summary

Not much weakness into the close, but still...hourly charts look bearish for the next few days.

I would argue the general H/S formation is STILL valid, although I realise some might disagree after a few hours trading >1573.

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*I hold heavy short overnight.