Thursday, 6 August 2015

Closing Brief

US equities closed broadly weak, sp -16pts @ 2083 (intra low 2075). The two leaders - Trans/R2K, settled lower by -0.8% and -1.3% respectively. Near term outlook is for a key break of the 200dma (2072), which should offer further downside to the 2050/40s.



... well, a day for the bears. :)

I realise some will be looking for renewed upside tomorrow, but the weekly/monthly charts sure as hell don't support such a view.

Price structure on the smaller hourly cycle is a very clear bear flag, and is offering a Friday gap lower.. right into the 2060s. If so.. a weekly close in the 2050s looks probable.

Have a good evening
more later... on the VIX