US equities closed moderately lower, sp -5pts @ 1977 (intra low 1964). The two leaders - Trans/R2K, settled +0.1% and -0.1% respectively. Near term outlook is for continued weakness, as supported by the bigger weekly cycles.
Today was a pretty messy day. The opening weakness was certainly not expected by many, after the Friday gains... and yet once again, the bulls managed a very significant intraday bounce.
For the equity bears, at least the Thursday low of 1965 was broken (if marginally), and with VIX 17s helping to confirm it.
As for tomorrow, well, all that can be said right now is that the weekly cycles ARE bearish, but we're still seeing rather strong bounces that negate much of the declines.
All things considered, bears need to end tomorrow in the sp'1950s - with VIX 18/19s... or new historic highs can be expected in October.
*I remain holding short.. seeking an exit in the 1950/40s, along with VIX 18/19s.. that still seems viable tomorrow, as Q3 will come to a close.
more later... on the VIX