Closing Brief

US equities closed moderately higher, sp +4pts at 2052 (intra low 2045). The two leaders - Trans/R2K, settled higher by 0.6% and 0.3% respectively. Near term outlook is for increasing price chop ahead of the Dec'16th FOMC. From there, first target remains 2115/20, and then the 2150s.. before year end.


sp'60min

Summary

*closing hour action: with a spike high of sp'2067 in the 2pm hour... there was distinct weakness into the close, as Oil broke new lows.
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A somewhat interesting.. if tedious day.

The good.. we're a day closer to the FOMC.
The bad... price action is likely to be increasingly choppy.
The ugly... Oil... with a new multi-year low of $36.38... and that sure won't be a key floor.


What should be clear by now though... a big move is coming after the FOMC.

Best guess remains:  pushing upward into year end.. with new historic highs viable in the Dow, sp', and Nasdaq

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more later... on the VIX