Closing Brief

US equities closed somewhat mixed, sp +0.5pts @ 1868 (intraday low 1854). The two leaders - Trans/R2K, settled slightly higher by 0.3% and 0.4% respectively. Near term offers further upside, with opportunity for new highs into the next FOMC of March'19.


sp'60min

Summary

*naturally, a closing 30min mini ramp...just enough to hit many of the day trader short-stops.
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An interesting break into the sp'1850s, but really, the downside pressure is very 'light', and the VIX also reflects this.

I remain focused on the FOMC announcement of next Wednesday. I'm guessing QE-taper'3 of $10bn..down to $55bn....but regardless of what is said, I'm looking for a major multi-week (possibly multi-month) cycle peak - in the sp'1895/1905 zone.
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more later...on the VIX