Closing Brief

The main indexes closed lower, with the sp -6pts @ 1791.The two leaders - Trans/R2K, settled -0.3% and -0.8% respectively. Near term trend is over-stretched, but still broadly bullish. Equity bulls should find very strong support in the 1760/40 zone for the remainder of this year.


sp'60min

Summary

*the micro count on the hourly chart, I am very much holding to. If you also consider weekly'8, then it all kinda looks clear for the next few weeks..and indeed months.
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Despite the weakness in the late afternoon, it was another tough day for those on the bearish side. With Dow 16000s, and Sp'1800s, another set of short-stops will have been hit.
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With continued QE, the market remains very strong, and all micro down waves are being bought up.

The real action today was in the precious metals, and the momo stocks, both of which saw significant declines.

Nothing has changed in the 'bigger picture', and I strongly hold to my sp'weekly'8 chart outlook.
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more later..on the VIX