Closing Brief

With the Fed cutting monthly QE by a further $10bn, the indexes battled hard to hold above the critical sp'1767/65 zone, sp closed -18pts @ 1774. The two leaders declined by -1.2% and -1.4% respectively. There remains opportunity for upside to the 1810/15 zone, before the next major rollover.


sp'60min

Summary

*earnings due: FB, QCOM
--

Well, that was a choppy and real messy afternoon.

The break under the Monday low of 1772 will have kicked out some of the bulls..and worse..drawn in some bears..only to then whipsaw into the 1780s.

The daily close in the low 1770s still keeps open a move to the 1810/15 zone.

More than anything today, most notable was the divergence between the indexes and the VIX. Whilst sp' broke a new weekly low..the VIX is still a fair way from the Monday spike of 18.99. Maybe I am making too much of it, but really, I think its a problem for those equity bears seeking a clear break <1767/65.
--
the usual bits and pieces across the evening
-


EARNINGS update...

QCOM...numbers were marginally better than expected...stock ..flat.
FB, beat...stock is 1-2% higher..but certainly nothing of note.