US equity indexes closed significantly lower for a third consecutive day, sp -22pts @ 2023 (intra low 2022). The two leaders - Trans/R2K, settled lower by -0.6% and -0.7% respectively. Near term outlook offers a little more weakness, but there is high probability of renewed upside into the FOMC of Dec'16th.
closing hour action: minor chop around the 38% fib retrace of 2023/22
.. and another week comes to a close at what remains one twisted casino.
The six week upward run has come to a rather harsh end, with very sig' net weekly declines.
It has been very pleasing to see the market cool from sp'2116 to the 2020s.. along with VIX back above the threshold.
Regardless of any further bearish action early next week, I have to guess the market will resume higher into mid December.. and by then we could be very close to new highs in the sp'2120/30s.
Have a good weekend everyone.
*the usual bits and pieces across the evening.... to wrap up the week
Its over... go home!