Closing Brief

US equities closed broadly weak, with the sp -15pts @ 2047 (intra range 2080/36). The two leaders - Trans/R2K, settled lower by -0.5% and -1.2% respectively. With the break of the 2042 low, near term outlook is very uncertain. There is high risk of the 2020/1990 zone.. as the market is increasingly anxious ahead of the Fed.


sp'60min

Summary

*closing hour action: an attempted rally from 2040 to 2052.
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It was a pretty wild day in market land... opening weak at 2056... soaring to 2080 across just 60mins... but then imploding to a four week low of 2036.

Despite the late afternoon attempt to recover.. with the loss of 2042, there is high threat of further weakness.

Cyclically we're due to rally tomorrow... but until we're >2080, the bulls should be very concerned... not least as the Transports look dire.

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more later... on the VIX