Closing Brief

US equities closed broadly weak for a second consecutive day, sp -9pts @ 1994 (intra high 2009). The two leaders - Trans/R2K, settled +0.2% and -0.9% respectively. Near term outlook offers strong support around the 50dma of sp'1985. Renewed upside still looks due to key resistance of 2040/60.


sp'60min

Summary

*closing hour action: moderate chop, with a micro attempt to rally, stalling at 1997... similarly reflected in the VIX
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Certainly, it was not the most exciting of days, as market volatility remains relatively low.

All things considered, I still have to expect new highs.. with broad upside into the next FOMC of Oct'28th.

It remains the case that how the market reacts in the sp'2040/60 zone.. that will be very telling indeed.
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**Awaiting earnings from Jessica Jones.. aka NFLX.

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more later... on the VIX