Tuesday, 17 May 2016

Closing Brief

US equities closed broadly lower, sp -19pts @ 2047. The two leaders - Trans/R2K, settled +0.6% and -1.6% respectively. Near term outlook offers a primary target of 2000/1990s.. with an equally valid H/S scenario target of the 1970/60s.



closing hour action: increasing chop, but with a new intra low of 2040.

So much for the Monday gains.. almost fully negated.

The rest of this week should get real interesting.

Yes.. opex will usually (85/95%) of the time bode in favour to the equity bulls, but, there are exceptions.

Last week's candle was red.. with a clear spike, and (in theory) a weekly close around the giant psy' level 2K would actually be somewhat natural.

more later... on the VIX