US indexes closed moderately higher, having swung from a morning low of sp'2044, settling +12pts @ 2081 (intra high 2083). The two leaders - Trans/R2K, settled higher by 1.2% and 0.1% respectively. Near term outlook offers some chop, but with broader upside into August.
Well, today was a pretty dynamic day, opening with minor gains, a significant reversal, with a morning low of sp'2044.
The afternoon price action was a rather severe short-stop cascade swinging from 2062 to 2081 in just 40mins.
All things considered, we very likely have a key multi-week floor of 2044.. and now look set to push back into the 2100s.
Whether we make new historic highs into early August.. difficult to say. What I do say with confidence is that the market looks set for some 'problems' in Sept/Oct.
*I remain seeking to go long INTC... will assess tomorrow morning.. around 11am.
more later... on the VIX