US equities closed moderately higher, sp +9pts @ 2108 (intra high 2111). The two leaders - Trans/R2K, settled -0.1% and +0.6% respectively. Near term outlook is offering a wave lower to around sp'2080... along with VIX 15/16s. From there, renewed upside into next week.. and probably all the way into early August.
*closing hour, a distinct touch of weakness, offering a hint of tomorrow.
For the bears... the fourth consecutive lousy day... with the market having ramped from a double floor sp'2044 to 2111.... and VIX cooling from 20.05 to 12.90. Pretty incredible how fast the market can get super complacent.
Holding to a retracement down to around sp'2080.. with VIX 15s... maybe 16s.. briefly.
more later.. on the VIX