Wednesday 24 September 2014

Closing Brief

US equities closed moderately higher, sp +15pts @ 1998. The two leaders - Trans/R2K, settled higher by 0.7% and 0.9% respectively. Near term outlook is for further upside into early next week. The big issue is whether the 2010s can be re-taken.. and held above.


sp'60min


Summary

Suffice to say... early minor chop... a test of the recent low of 1978...and then strongly up.

The equity bulls have a window of opportunity, probably no more than 3-4 days, in which to re-take 2010...and hold over.

Otherwise..this could all be setting up for a rather large H/S formation... which would target 1940/35 in mid/late October.

Certainly, the next few days will be critical, but aren't they always?
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more later... on the VIX