Closing Brief - a minor victory for the bulls

A somewhat stressful day for those bears who are not keeping the bigger picture in mind (low sp'1100s, late July). Clearly, a fair few will have bailed today, and some may even have gone long. The action in the VIX is not confirming the rally in the indexes. Bears have that going for them at least today.

Lets take a look at those closing hourly indexes...


IWM

Dow

Sp

Summary

The closing hour did see a little reaction off the 1335 resistance line.

I remain confidently short, looking for the next exit (my third post-FOMC short trade) around sp'1300/1290, which can still occur by the Friday close. The bigger targets remain 1225/00..and then 1150/00 - in the latter part of July.

More later...