Closing Brief

The main indexes saw a moderate latter day recovery, with the sp -6pts @ 1775. The two leaders - Trans/R2K, closed flat and +0.2% respectively. If the recent drop was a C wave of sub'4, then broad upside for some days now seems likely.


sp'60min

Summary

*a weak closing hour, but the morning low held.
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A very interesting day to watch..and be part of.

My downside target zone of 1774/72...was hit...with 1772 probably be a C -wave floor.

The action in the VIX, with a brief break into the low 16s, arguably confirms the equity floor.
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*to those bears who bailed at any point this morning, or even in the closing hour.....superb.

more later..on the VIX.