US equities closed well above the early morning low of sp'1952, settling -8pts @ 1964. The two leaders - Trans/R2K, settled lower by -0.2% and -1.0% respectively. Near term outlook is for renewed upside, with the sp'1990/2000s viable next week.
*price structure is a baby bull flag - seen more clearly on the 15min cycle. Bodes well for the bulls early tomorrow.
The day started with a somewhat surprising sharp gap lower, but the daily close was certainly one that should concern those still on the short side.
There are a truck load of reversal candles on many individual stocks, and we have a clear black-fail candle on the VIX daily chart.
Possibility of further declines?
Sure, but... I'm guessing no. The broader weekly/monthly trends remain outright bullish, and I can't take any 'bearish chatter' seriously unless we were to break below sp'1900.
With no football today (oh how I will miss the world cup), I will do the usual full set of post trading day updates....
more later.. on the VIX