Closing Brief

US equities settled moderately mixed, but well below their morning highs, sp +2pts @ 1884 (intra range 1899/1871). The two leaders - Trans/R2K, settled +0.3% and -0.6% respectively. Near term outlook is for further downside to at least sp'1820.


sp'15min

sp'60min

Summary

*closing hour action: broadly weak.. with a rather 'dumb ramp' into the close. Overall.. nothing for equity bears to concerned about.
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To those concerned the sp'500 will manage to hold the Aug'24/25th low of 1867... I merely refer you to the R2K chart (see 8pm post).

The R2K has already broken well below the Aug' low of 1100.. and it is headed for the Oct' 2014 low of 1040.. equating to sp'1820.
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So... early gains.. a lot of chop.. but distinct weakness into the close. Frankly.. bulls should be very concerned about the threat of a giant Wed' lower.. under sp'1867.

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*I hold short AAPL, DIS, GE, DAL, and long VIX. Seeking a first exit in the sp'1825/20 zone.
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more later on the VIX