Closing Brief

US equities closed moderately lower, sp -9pts @ 2084 (intra low 2072). The two leaders - Trans/R2K, settled lower by -0.5% and -0.3% respectively. Near term outlook is very mixed, with viable moderate upside/chop into the FOMC announcement (Wed' 2pm). An eventual test of the 200dma in the sp'2055/50 zone looks probable.


sp'60min

Summary

*closing hour was continued minor chop, and indeed, market was broadly stuck from 11am onward.
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So, the second consecutive net daily decline, but still... nothing for the equity bears to get overly excited about.

I would guess we'll see increasing chop tomorrow.. and into Wednesday afternoon. From there... perhaps a brief spike.. but then a reversal.

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more later... on the VIX