Closing Brief

US equities closed broadly lower, sp -14pts @ 2077 (intra low 2066). The two leaders - Trans/R2K, settled lower by -0.9% and -1.6% respectively. Near term outlook remains for the sp'2115/20 zone... but any daily close under the 200dma (2064) would be a real problem.


sp'60min

Summary

*closing hour action: the fifth consecutive hour of moderate chop.. flooring at 2068... and then coming somewhat close to a close in the 2080s...
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With Oil trading well under the key $40 threshold it was not surprising to see the market start the week on a negative note, but I sure did not expect the 2060s... well over a 50% retrace of the Friday gains.

Regardless of the net daily decline, the market appears to have solidified a floor of sp'2066, and now looks set for another push above last the high of last Wed' morning @ 2104.

First key target remains 2115/20 zone.

It remains possible the market will push to the 2150/70 zone.. before things get overly toppy.

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more later... on the VIX