Closing Brief

It would appear the market is beginning the much awaited retracement. The action in the Transports and the Rus'2000 are especially supportive of this notion. The higher VIX is also supportive of a little downside across the next few days.


sp'60min

Summary

So, the main indexes closed slightly lower, with the Trans/Rus'2000 significantly lower.

This 'should' be the retracement the bears have been seeking since mid-January..but as noted many times, since we've now broken into the 1500s, the retracement will now only likely be down to the 1460/50 zone.

A move to fill the lower ES/SPY gap @ 1425 looks out of the question, as does the old target of 1440.

*the usual bits and pieces later this evening