Closing Brief

US equities closed lower for a second day, sp -29pts @ 1935. The two leaders - Trans/R2K, settled lower by -2.5% and -1.7% respectively. Near term outlook offers a now seemingly likely brief wash out in the 1910/00 zone.. before the next up wave.


sp'daily5

vix'daily3

Summary

So, a second day for the bears. Monday was a clear failure to break and hold above the primary down trend.. and with today's significant declines, we're on track to break below last Thursday morning's low of 1926.

All things considered, some kind of mini washout looks likely before the end of this week... with sp' flooring in the 1915/00 zone.. which would equate to VIX somewhere in the 19/21 zone.
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a little more later.... (8pm EST)... on the bigger cycles