Closing Brief

US equities broke the rather severe three day run of declines, managing mixed gains. sp' +3pts @ 1877 (range 1898/71). The two leaders - Trans/R2K, settled higher by 2.6% and 1.1% respectively. Near term outlook is for some degree of bounce across 2-3 weeks.


sp'60min

Summary

*with the new cycle low of sp'1871, I've adjusted the down channel.
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Suffice to say, another day for the equity bears. The earlier gains managing to 1898, was fully reversed with a 27pt swing to the downside across the afternoon.

Volatility is back.. and it ain't going away now for some months. Get used to it!
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Best guess.. we're still headed higher across the next 2-3 weeks. Whether we max out around 1950, 60.. or even a little higher... should make little difference to the equity bears. With the monthly cycles utterly broken, we're broadly headed much lower across the remainder of the year.
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more later... on the VIX