It was a day of rather wild swings for US equities, with the sp' -17pts @ 2079 (intra high 2096, low 2070). The two leaders - Trans/R2K, settled lower by -0.7% and -1.0% respectively. Near term outlook is for the sp'2050/40s, with Dow 17000, and that should equate to VIX 17/18s.
A wild day for stocks... early weakness, a bounce into the afternoon.. but then renewed weakness into the close.
The sp'2100 threshold still looks possible for Friday opex, but regardless of the rest of this week... broad.. and increasing downside into end August.. and across September.
This market looks increasingly weak.. as especially reflected on the bigger weekly/monthly cycles.
a little more later...