Closing Brief

US equities closed moderately weak, sp -9pts @ 2098 (intra low 2087). The two leaders - Trans/R2K, settled lower by -0.4% and -0.3% respectively. Near term outlook offers a continued minor retrace to the sp'2060s, along with VIX in 17s. Broader outlook remains powerfully bullish.. not least via looming ECB QE-pomo.


sp'60min

Summary

*a closing hour of minor chop... but still... nothing bullish. Price structure on the hourly chart is arguably a bear flag... offering the 2070s tomorrow.
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Interesting weakness in the morning.. a natural post 11am bounce, and despite a fair few micro rally attempts... the market still managed a close under the daily 10MA and sp'2100 threshold.

Certainly, the net daily declines are not significant, but it does bode for a move to the 2060s as originally sought.
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more later.. on the VIX