Closing Brief

US equity indexes closed broadly lower, sp -5pts @ 2098. The two leaders - Trans/R2K, settled +0.3% and -0.6% respectively. Near term outlook offers further downside, at least to the recent low of sp'2063. However, any daily closes under the (still rising) 200dma will offer stronger downside to the 2050/25 zone.


sp'60min

Summary

*closing hour saw some moderate recovery, but broadly, it makes little difference.
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... a second day for the equity bears.

Those seeking new historic highs in the sp'500 in the near term are facing a real problem right now. This is reflected in the bigger weekly/monthly cycles, but also in a great many individual stocks.

Today, with AAPL losing the $119s, we saw a clear warning signal that one of the more stable stocks has decisively broken.

.. the rest of the market looks set to follow across the next two months.

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more later... on the VIX