Closing Brief

The main indexes have broken the near term upward trend. There is open air to the downside in the sp'1490/80 zone, which might equate to VIX 17s. The dollar closed strongly higher, which put added pressure on the main market, but especially Oil and the precious metals.


Dow'60min

Sp'60min

Trans

Summary

You can see some clear channel breaks on the hourly charts, so that does indeed open the door to more significant downside as better seen on the daily charts.

I just can't see sp <1480. Not with the Fed POMO program, and with the debt ceiling to be raised..or even abolished entirely by exec' order.

more later..on the VIX, which had the biggest move of the year.