Closing Brief

US equities closed broadly higher, sp +16pts @ 2124. The two leaders - Trans/R2K, settled higher by 0.2% and 0.7% respectively. Near term outlook offers a retrace to the 2095/90 zone, with the micro gap around 2080 looking somewhat difficult. Broader upside into early August remains probable.


sp'60min

Summary

*closing hour, a lot of minor chop, but with a fractional new cycle high.
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Well, despite the market having closed, the Yellen continues, and will probably last another hour.

Interesting to hear Yellen claim Fed policy is not beholden to the equity market, yeah.. sure.
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Price structure is not offering the equity bears anything much for tomorrow. Market looks set to close the week above the 2100 threshold, and that bodes well for broad upside into early August.

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more later... on the VIX