Tuesday 3 May 2016

Closing Brief

US equity indexes closed broadly weak, sp -18pts @ 2063 (intra low 2054). The two leaders - Trans/R2K, settled lower by -1.2% and -1.7% respectively. Near term outlook offers sp'2040/38 - where the 50dma is lurking. A daily close under the two soft lows of 2039/33, in the 2020s will not be easy.


sp'60min



Summary

*closing hour action: weakness into the close, but nothing significant.
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.. and thus concludes another day in the world's most twisted casino.

Certainly, the intraday bounce from 2054 to 2069 gave most equity bears a scare (yours truly included).. as there was threat of another push to the 2080s again.

The bigger daily/weekly cycles continue to increasingly swing in favour to the equity bears.

Even a basic 38% fib retrace would give the sp'1990s... which is a 6% cooling from the 2111 high.

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more later... on the VIX