US equities settled moderately mixed, sp +2pts @ 2086 (intra low 2052). The two leaders - Trans/R2K, settled lower by -0.5% and -0.2% respectively. Near term outlook is for renewed weakness, with a target of the sp'2040s and VIX 17/18s.
*the daily reversal candle on the R2K bodes in favour of the equity bulls, but broadly, the R2K is putting in a series of lower highs.. and lower lows.
It was a pretty wild day in the market, with the sp' flooring at 2052 in the market, peaking at 2089, and settling at 2086.
No doubt some will be calling for new highs into the autumn, but then... those same people were getting overly excited on Monday afternoon when the sp'500 was trading @ 2105.
Nothing has changed, the broader outlook is for increasing equity weakness into next month.
Closing update from Riley
a little more later...