sp'daily5
R2K
Trans
Summary
So.. the big sp'2000 threshold failed to hold, along with a daily close decisively under the 50dma. Understandably, many equity bears will be looking for a hit of the 200dma (near the 50% fib retrace of 2050) in the coming days.
Where now?
As has been noted since last week, the 'FOMC clock is ticking'. On no outlook can I see sustained equity downside after this Wednesday's FOMC announcement.
It is notable that the 'old leader' did manage a net daily gain today, although that was no doubt aided by the continuing collapse in oil prices.
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Closing update from Riley
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a little more later...