Closing Brief

After hitting sp'1626 by late morning, the market got stuck, and saw increasing weakness into the close. The daily charts are still bullish after what has been a significant ramp from the 1560 low. Yet so long as the bears can hold the market <1630, much lower levels are still viable.


sp'60min

Summary

Regardless of the closing hour weakness, today made for a rough start to Q3. The break back above sp'1620 was just another reminder to the bears of the underlying strength in the US market.

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*Tuesday, no sig' QE, only factory orders data in the morning. Bears need to break back under 1600. With a very large QE on Wednesday, a very hard battle is ahead.