Closing Brief

US equity indexes closed moderately lower, sp -11pts @ 1982. The two leaders - Trans/R2K, settled -0.8% and -0.9% respectively. Near term outlook is for at least a bounce to 2000/2010, bears are so far yet to break the series of higher highs and higher lows.


sp'60min

Summary

*a pretty weak closing hour, with bulls still failing to claw back above the hourly 10MA.
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So.. the broader market closes lower for the third consecutive day. No doubt some will be touting a major down wave to come.

Further, there will be the usual cherry picking of the weakest index - the R2K, to justify all manner of 'here comes the crash' scenarios.

For now, I simply can't subscribe to any such intermediate bearish outlook, it remains the SAME talk, from the same people that we've heard for months...and in some cases... years.
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more later.. on the VIX