Closing Brief

US equities ended the week on a very negative note, sp -32pts @ 1958 (intra low 1953). The two leaders - Trans/R2K, settled lower by a significant -2.2% and -1.5% respectively. Near term outlook is increasingly bearish, as key rising support has been broken on a number of indexes.


sp'60min

Summary

*closing hour: with a few billion of selling vol'... a rather stinky closing hour.. and a clear break of rising trend.
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... and another week in the crazy casino comes to a close

With some rather sustained trading in the sp'1950s today, it looks like we probably have an FOMC spike high of 2020.

Any further action >sp'2000 looks unlikely next week.

There will no doubt be intraday bounces next Monday... but with things as they are... they are arguably to be shorted.

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yours truly has been in 'trading light mode... on the long side' for the last four weeks, but I will look to launch a major market short next week.

Have a good weekend
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*the usual bits and pieces across the evening to wrap up the week