US equities are seeing a minor down cycle, first support is sp'2090. Meanwhile, Fed chair Yellen is set for some polite chat at the Economic club of Washington. Mr Market will most certainly be listening for any excuse to rally this afternoon. Oil is continuing to cool, -2.7% in the mid $40s.
Seriously, how could any equity bear get excited about this mornings cool down, after the sp'2100 threshold was closed above yesterday?
Whilst first target remains 2115/20 zone... even that makes little sense as a high in the near term.... a straight run to the 2150/70s is almost as equally probable... with 10 trading days until the day the fed finally (they had better!) raise int' rates.
VIX update from Mr T.
time for tea.... with Yellen set to appear at 12.25pm.