Closing Brief

Some weakness in the late afternoon, but its nothing too significant, and the main outlook still looks on track. Primary target remains sp'1425, which right now seems most likely this Thursday. Despite the declines, the VIX is only 2% higher.


Dow'60min

Sp'60min

Trans'60min

Summary

I can understand if some traders who have been shorting since last Friday around 1400 are now believing the peak is already in for this cycle. I suppose its possible, but I'm still guessing no.

Even with the declines today, the daily MACD cycle is still ticking higher. There is NO sign that we're in a levelling phase yet.

It is notable though that the 50% fib' retacement of 1409/10 appears to a significant barrier to further gains. 

The usual bits and pieces across the evening.