Closing Brief

A choppy day in the market, but one where there was general weakness throughout the day, despite the repeated micro-rallies. First target remains sp'1385, where the 200 day MA is also lurking. The moderately higher VIX confirmed the underlying index weakness.


Dow'60min

Sp'60min

Trans

Summary

We are still waiting for the first significant push lower. So far, its just slow chop to the downside. Perhaps Wednesday will see a major gap lower?

Regardless, VIX is ticking higher on the daily charts, and indexes are looking weak.

The transports on the hourly chart looks especially dangerous for the bulls, with a possible H/S formation, target would be 4900 by end of the week, equating to sp'1370s.

More later