Closing Brief

US equities closed significantly higher, sp +21pts @ 2043 (intra high 2053). The two leaders - Trans/R2K, settled higher by 0.8% and 1.4% respectively. Near term outlook offers a very brief post-FOMC flash down to the 2020s.. before soaring upward. The sp'2100s look due in the near term, the core issue is whether 2134 can be broken


sp'60min

Summary

*closing hour action: choppy.. with a little weakness into the close.
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So.. a second net daily gain... with the sp' having become (naturally) stuck at gap zone resistance in the sp'2050s.


Best guess.... one of two scenarios tomorrow...

1. market soars on a better than expected FOMC policy announcement
2. market initially drops... to the 2020s.. but then recovers into the close.

The lower gap zone of sp'1950s looks well out of range, not least as Oil is threatening a short term floor.

If Oil can claw to the $40 threshold within the next few days.... we could be looking at a weekly close in the sp'2100s.. which would be pretty incredible, considering yesterdays low of 1993.

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more later... on the VIX