Closing Brief

US equities closed significantly lower, sp -29pts @ 2049 (intra low 2042). The two leaders - Trans/R2K, both settled lower by -1.8%. With the loss of the 200dma, near term outlook is borderline. Equity bulls need a strong counter rally on jobs Friday to at least partly negate the Wed/Thursday decline of -3.1%.


sp'60min

Summary

closing hour action: a test of the 2pm hour low of 2042.. and then rebounding.
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The 2pm and 3pm hourly candles are both of the spike-floor type, highly suggestive market is building a floor.

Clearly, with the jobs data and an OPEC meeting, there will be straight forward risk of a sig' gap lower tomorrow, however, I am guessing not.

Best guess: Friday upside.. at least to the sp'2070/75 zone. Right now, equity bulls should be relieved on any weekly close in the 2070s.

yours... long.... helped via a flak jacket, tin helmet, and large quantities of tea/chocolates.

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more later... on the VIX