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.



*closing hour action: weakness into the close, but nothing significant.

.. 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.

more later... on the VIX