Thursday 13 March 2014

Closing Brief

US indexes opened a little higher, but quickly swung to the downside, falling from sp'1874, and settling -21pts at 1846. The two leaders - Trans/R2K, saw significant declines of -1.4% and -1.2% respectively. There is near term downside to 1835/30, before a bounce into the FOMC.


sp'60min


Summary

Certainly, the declines surprised me today, and with the break <1850, it'd seem tomorrow will see further downside at some point.

However, I still expect the 50 day MA to hold as strong support tomorrow/early next week. For the bears out there, the weekly close will be important. More on that later though.
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more later...on the VIX