Tuesday, 6 January 2015

Closing Brief

US equity indexes broke new cycle lows (sp'1992, R2K 1153), closing moderately above the lows, sp' -18pts @ 2002. The two leaders - Trans/R2K, settled lower by -1.6% and -1.7% respectively. Near term outlook is uncertain.. with risk of another few days of downside to the 200dma around sp'1960.. within a broader up trend.




* a choppy closing hour, but there is now a very viable spike floor of sp'1992, with R2K 1153.

So... an interesting day in market land. On what was the fifth consecutive daily decline, the equity bears clearly did some technical damage today, coming within 1% of the pre-FOMC low of 1972.

Overall though... we've seen this hundreds of times... and it always ends the same way.

The usual updates across the evening... to wrap up the day