sp'60min
Summary
*very weak closing few minutes, bodes badly for the bulls at the Wednesday open.
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For those on the short side, another pretty reasonable day. Certainly, the declines we're seeing in the indexes are not dramatic yet, but we're now a fair way lower from the FOMC 1729 high.
The levels/targets are clear for the bears...
Sp'1627...and that will open up 1600/1590- where there is a cluster of support, not least the lower weekly bollinger.
Dow 14760 /720. Dow 14600s would open the door to a massive further decline (if briefly) of 2000pts.
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So..another day for the equity bears, and with no sign of an agreement this week...the bears should be able to push the market lower all the way into the weekend.
more later...on the VIX..
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update... 4.34pm..
Boehner speaking, is not helping..and the sp slipping another 2-3pts..so the 1640s are already real close to being hit.