Closing Brief

US equities closed moderately mixed, sp +9pts @ 2021 (intra low 1993). The two leaders - Trans/R2K, settled lower by -0.5% and -0.7% respectively. Near term outlook is for the market to stabilise ahead of the FOMC announcement, and then push higher. First soft targets are sp'2050s, then 2080/85.


sp'60min

Summary

*closing hour action: a fair bit of chop.. but renewed upside into the close.. as no doubt a tranche of the bears decided to cash out.

Note the bullish MACD cross in the closing hour, it bodes in favour of the bulls early Tuesday.. before further weak chop.
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So... sp'1993.. but then a late morning turn.... and rallying to the 2020s.

Of course... with each passing hour... price action is likely to become more subdued ahead of the FOMC.

What matters will be the Wed' close.

Unquestionably.. the set up favours the bulls... once we're past this latest Fed nonsense.

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more later... on the VIX