Closing Brief

The main indexes closed moderately lower, with the sp -9pts @ 1646. R2K was especially weak, lower by almost 1%. Near term trend remains bearish, with next fib' support in the mid sp'1630s. Precious metals and Oil both closed moderately lower.


sp'60min

Summary

Not the most exciting of days, but still, at least I refrained from going long this morning.
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The market is stuck in a moderately strong down channel - since the Thursday gap lower. Bulls are so far showing no inclination to buy.

*interesting price action today in: AAPL, MRO, and BTU
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*I remain on the sidelines. I'd only feel comfortable with either going long in the 1630s, or short from the 1680s. The big issue for this week is the FOMC minutes, Wed 2pm.
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the usual bits and pieces across the evening.