US equity indexes closed significantly lower, sp -20pts @ 2084 (intra low 2076). The two leaders - Trans/R2K, settled lower by -0.6% and -1.0% respectively. With the full reversal of the Monday gains, near term outlook is back to bearish, first target is the sp'2050/40 zone.. which (in theory) should equate to VIX 16/17s.
*closing hour... moderate upside chop.
Despite the market clawing higher in the late afternoon, it was still unquestionably a day for the equity bears.
More than anything, the fact that the Friday close was broken under during today was a powerfully bearish signal for tomorrow.. and probably, the rest of the week.
Anyone feeling overly 'buy the dip'.. I refer you to the charts for AAPL and DIS... (soon to be posted) on my 'fair value' page. Both are highly indicative of increasing weakness in the broader market.
Have a good evening
*the usual bits and pieces across the evening.. to wrap up the day.