Closing Brief

The main indexes closed lower for a second consecutive day, with most indexes falling around 1.4%. The sp' close of 1608 was a major victory for the bears, but hourly charts are offering at least some degree of bounce across the next two days. VIX confirmed a slightly more concerned market.


sp'60min

Summary

So...a down day, and we closed a mere 8pts from the bears primary target zone of 1600/1597.

All things considered, we'll see a major multi-day bounce starting real soon. Hourly charts are warning of possible upside late tomorrow/early Friday.
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For those on the short side, congrats, but bears beware...the monthly jobs data is out on Friday, and that could easily be the excuse Mr Market wants to launch another rally.