US equity indexes saw a severe late day downside reversal, sp -25pts @ 1867 (intra high 1948). The two leaders - Trans/R2K, settled lower by -1.7% and -0.7% respectively. Near term outlook is very borderline.. if 1867 fails on Wednesday, downside to 1820... otherwise... renewed upside to 2000.
Q. Do I get a prize for worse post title in the past hour 'upside into the close' ?
Closing hour candle... the worse net hourly decline since the Monday open... swinging from 1926 to 1867...a monstrous swing of 59pts.. almost 3% !
So... I had expected some downside from the earlier high of sp'1948... and I thought 1920/15 was a bold target.
The closing hour candle is a serious problem to those seeking renewed upside tomorrow.
Now overnight futures/Asia market action will be critical.
No doubt - and justifiably so, some bears will be clawing for the Oct' low of sp'1820 tomorrow.
*I hold overnight, long-AAPL, from the $107s, with sp'1916. Seeking an exit in the 109/111s... within 2-5 days, although after today's closing hourly candle.. that is probably optimistic.
more later... on the VIX