Tuesday, 24 September 2013

Closing Brief

The main indexes closed moderately lower, with the sp -4pts @ 1697.The two leaders - Trans/R2K, closed +0.1% and +0.2% respectively. Near term trend remains marginally weak, and with a sub'1700 close, the low 1680s are the next key support zone.



So, a disappointing end to the day for those seeking sp'1705 or higher.

No doubt, the chartists out there will be calling for a C' wave lower (underway from this afternoon), or the doomer bears will be calling for a stronger wave'3 lower, taking out the 50 day MA of 1679.

Regardless, even if the low 1680s are hit tomorrow or Thursday, I have little concern. The bigger trend remains unquestionably higher. Anyone getting overly excited that we're now around 2% below the historic highs of last Wednesday, needs to go stare at a monthly index chart for a few hours.

more later..on the VIX