US equity indexes closed broadly weak, sp -13pts @ 2036. The two leaders - Trans/R2K, settled lower by -0.7% and -2.0% respectively. Considering the 3 day holiday weekend ahead, and the smaller hourly MACD cycle, there is significant threat of renewed upside into early next week.
*closing hour action: micro chop, and still leaning to the upside.. holding rising trend (at least for the sp'500).
Broadly, a day of moderate weakness.. but with WTIC Oil breaking below the $40 threshold this afternoon, the normal latter day rally was stunted.
Instead, we have indexes closing near the lows. Not a dire close for the bulls, but it sure ain't pretty for a fair few stocks.
Yours truly has a 'don't trade into a long weekend rule'. But as some indexes are suggestive we've maxed out at sp'2056, R2K 1103, and Dow 17648 - along with VIX in the 13s, I'm getting damn itchy to get involved.
In terms of price... the indexes are all at prime re-short levels. In terms of time.. we've seen a clear SIX weeks.. which is also more than enough.
more later... on the VIX
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I'm sure it'll fix itself soon enough.