Closing Brief

US equities closed very weak, sp -14pts @ 1927, after a new cycle high of 1949. The two leaders - Trans/R2K, settled lower by a very significant -2.0% and -1.4% respectively. Near term outlook is for 1910/00 zone, before renewed upside to 1950/60s.


sp'60min

Summary

A pretty interesting day, having broken a new cycle high of sp'1949, but with a rather strong swing of over 1%.

There is a rather obvious gap to fill, and market should find support in the 1910/00 zone.. where the 200 dma is also lurking.

Outlook is for broader upside into next week... we still look set for 1950/60s.. which would probably equate to VIX melting into the 15/14s.

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more later... on the VIX