Closing Brief

Another weak end to a trading day - the bulls sure don't fare well after 2pm lately! The VIX was something of an oddity all day, it opened moderately lower despite a weak market, and only in the last hour did it go marginally green. Lets look at those closing hourly cycles.


IWM

Dow

SP

VIX

Summary

The down trend continues. Those weekly and monthly cycles were indeed correct, and warn of a major 2-5 month down cycle to at least sp'1100. When will the next bounce be, and how much? Right now thats annoyingly hard to answer. Today was yet another failed attempt to rally, both in pre-market, and two intra-day rallies. This market is WEAK, sp'1300 is now well within striking distance..and the 200 day MA is no long that far away.

Selling volumn remains weak, that should be a concern for the bulls. What if we actually see some major selling in this algo-bot lead market? I see the crash-chatter out there, for the moment that remains in the realm of crazy-talk, but...VIX'22...is suggesting such talk is less crazy today than it was yesterday.

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*Special stock mention for JCP, earnings 'miss', cancels dividend   JCP, 15min cycle

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