Closing Brief

A red close, but it is surely to be seen as another disappointing day for the bears. The declines are really small, and whilst the daily cycle is resetting itself from overbought, the bears just can't build any significant downside momentum.

The VIX confirms the complete lack of concern in the market about any potencial major moves.


IWM'60min

sp'60min

Trans'60min

Summary

First target remains a close under 1450, and a break under the recent low of 1440.

Its embaressing to note, that when all things considered, best 'bear case' looks to be around 1420.