Closing Brief

US indexes closed lower for the second consecutive day, sp -20pts @ 1845.  The two leaders - Trans/R2K, settled lower by -1.4% and -1.5% respectively. With the break of the weekly 10MA, outlook is bearish, and if <1840, then the door opens to the sp'1770s.


sp'60min

Summary

Interesting day, even though I didn't hit any buttons.

For me, what matters most is the bigger picture...and with the break under the weekly 10MA of sp'1848, the bears have a real chance here.

All that the bears need now is a break <1840..which will open up the 1770s, and that has huge implications for the subsequent few months.
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I will look to pick up a short position tomorrow, probably no earlier than 11am. If we don't bounce...I won't likely chase.

more later...on the VIX