Closing Brief

The main indexes all closed lower, sp -9pts @ 1857. The two leaders - Trans/R2K, settled lower by -0.1% and -1.3% respectively. Near term outlook is bearish, with a key support zone of 1845/35. Any daily close <1830, and the market will keep on falling to 1800/1790.


sp'60min

Summary

So..opening minor gains, but they barely lasted minutes...only to result in a swift reversal..and with the sp'1850 (FOMC low) taken out, the bears are back in control.

However, with last weeks bullish weekly close, I will not be comfortable until we see a few daily closes <1830.

A weekly close <1830 would be VERY bearish, and be suggestive of a possible target of the lower weekly bollinger.. currently in the 1760s.

..and that would be rather good indeed.

*I hold heavy short overnight, via SDS, and a secondary SPY put block, from 1858 ( today's afternoon bounce)
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more later...on the VIX