US equities closed broadly weak for a second consecutive day, sp -9pts @ 1994 (intra high 2009). The two leaders - Trans/R2K, settled +0.2% and -0.9% respectively. Near term outlook offers strong support around the 50dma of sp'1985. Renewed upside still looks due to key resistance of 2040/60.
*closing hour action: moderate chop, with a micro attempt to rally, stalling at 1997... similarly reflected in the VIX
Certainly, it was not the most exciting of days, as market volatility remains relatively low.
All things considered, I still have to expect new highs.. with broad upside into the next FOMC of Oct'28th.
It remains the case that how the market reacts in the sp'2040/60 zone.. that will be very telling indeed.
**Awaiting earnings from Jessica Jones.. aka NFLX.
more later... on the VIX