Closing Brief

The main indexes mostly closed a touch lower, after a slight late afternoon micro rally. The broad trend remains weak, but a bounce next week into the sp'1680s looks very viable. Precious metals and Oil both closed with moderate gains. VIX closed around 2% lower in the low 14s.


sp'60min

Summary

*bulls fail to clear the hourly 10MA. That keeps the door open to further downside, even as far as the 1630s, although I'm inclined against that. Bears still seem weak.
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Certainly, today was a failure for the bulls, with further declines, and the sp' even broke below the daily 50MA of 1657.

This week was useful, if only in that the five week tight trading range is over. Downside into September is pretty secure now, somewhere down to the sp'1575/50 zone.

Have a good weekend.
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*next main post, late Saturday on the US weekly indexes