Closing Brief

The market held minor opening gains, and built upon them across the day. Most indexes saw some clear breaks above last weeks highs, and the Nasdaq even broke the April 11'th high. Hourly charts look prone to weakness on Tuesday, but daily charts show no sign of a broader trend change.


sp'60min

Summary

Despite a touch of weakness in the closing hour, a very disappointing start to the week.

Yet, it is a long week, we have big econ-data/events every day this week, with the FOMC on Wed', the ECB on Thursday, and key jobs data on Friday.
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Did the sp' just peak at the start of the week @ 1596, or is it just the start of another wave higher?
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Arguably, the big/serious money bears should have got short stopped out this morning, and most surely can't consider a re-short, until confirmation with a daily close <sp'1570.

more later..on the VIX