Closing Brief - a few bearish hints for next Tuesday

Well, we saw the moderate latter day sell off that I was looking for. Even the VIX closed marginally higher, and a close above (what used to be resistance) @ 21% - so that's one bearish aspect to hold across into next week. Lets look at how those hourly cycles closed the week...


IWM'60min

Dow'60min

SP'60min

Summary

The Sp' closed the week up 1.7% or so, not entirely the most bullish of bounces. Neither of the above 3 indexes closed this week particularly bullish. Sure we saw a reasonably strong Monday gap up, and there was some follow through on Tuesday morning, but it soon failed, and we had that Wednesday move lower. As it is, we're now stuck in a narrow range, with the cycle suggesting a wave lower at the Tuesday open.

Clearly, the bears need to break below 1300..and take out the recent 1292 low, that would open up 1280...and quite possibly 1260/50.

The bull maniacs will merely have to somehow claw above 1330 early next week, and that sets up an initial move to 1370/80.

More later, .....ohh..and 'welcome to the weekend'.