US equity indexes all saw significant declines to end a bearish week, sp -33pts @ 2002. The two leaders - Trans/R2K, settled lower by -1.0% and -1.2% respectively. Near term outlook is for the market to build a floor around sp'2000, and then climb into year end... and beyond.
Suffice to say... major declines to end the week, and for the equity bears, this was one of the best weeks of the year... as also reflected by a weekly close in the VIX of 21.08.
A decline to sp'2000 was the primary target.. and we're about there.
A key floor looks likely to be built in the first half of next week.. and then its a case of when the sp'2100s will be hit... not if.
Closing update from Riley
a little more later...