Closing Brief

Many bears will no doubt be very frustrated with the latter day recovery, but the bigger trend now appears clear, with a high at sp'1709. The sp' closed just 0.4% lower @ 1690. Near term outlook is for a continued bounce into Thursday, with first key downside target in the 1660/50 zone.


sp'60min

Summary

Indeed, many out there will be somewhat annoyed with the latter day recovery (as we've seen so many hundreds of times), but today was arguably important in that the mid-term picture is highly suggestive a top is in.

I don't expect 1709 to be taken out tomorrow..or indeed for another 2-3 months.

*I am seeking an index short in the sp'1700/05 area tomorrow..after the morning QE of $3bn is out of the way.
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the usual bits and pieces across the evening :)