Tuesday, 18 August 2015

Closing Brief

US equities closed moderately weak, sp -5pts @ 2096 (intra high 2103). The two leaders - Trans/R2K, settled lower by -0.2% and -0.8% respectively. Near term outlook is mixed, with viable upside to the sp'2110/20s.. before significant downside after the next opex.



*closing hour, a fair bit of moderate chop... but clearly.. nothing for the equity bears to get excited about.

I widened the rising trend on the hourly cycle.. to enclose the closing candle. On balance, we're likely to claw at least somewhat higher across the next day or two.

To be clear.. I do NOT expect the sp'500 (never mind some of the weaker indexes) to break new historic highs in the near/mid term.

more later.. on the VIX at 6pm EST