Friday, 24 July 2015

Closing Brief

US equities closed the week on a very bearish note, sp -22pts @ 2079. The two leaders - Trans/R2K, settled lower by -0.7% and -1.5% respectively. With some bearish engulfing weekly candles, near term outlook is increasingly bearish, with a viable test of the 200dma at 2065 next Monday.



... and another week comes to a close.

For yours truly.. it has been especially bizarre.. but a good week. Hopefully, within two months, I'll be posting from the coast each and every trading day. I would imagine that might make my mood less bearish at times.

As for equities, I really think the weekly candles are warning of some serious trouble. Bears just need to see a daily close under Dow 17500. There is nothing but empty air to 17000.. which would equate to sp'2000. That in itself would take out the double floor of 2044.. and cause all manner of problems.

Thanks for the comments/emails this week, it is always good to hear from some of you.

Have a good weekend.

*the usual bits and pieces across the evening to wrap up the week.