Closing Brief

The main indexes closed moderately lower, sp -4pts @ 1826. The two leaders - Trans/R2K, settled -1.3% and -0.8% respectively. The broader trend remains to the upside, and there is the opportunity for the equity bulls to push for a weekly close in the 1850s.


sp'60min

Summary

Arguably the most notable aspect of today, was that despite the indexes closing moderately lower, so did the VIX.

Frankly, price action looks pretty strong. The last few days is probably just a standard ABC retracement lower.

Maybe we'll drop early Tuesday to 1820/18...not that it matters much. With sig' QE this Tuesday..and Friday, we'll surely battle back into the 1840s later this week, if not even the 1850s.

I do see a short term top..somewhere in the sp'1860/80 zone...perhaps by middle of next week. From there, maybe 3-4% lower, but probably not <1810/00
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more later..on the VIX