Closing Brief

US equities closed significantly higher for the second consecutive day, sp +30pts @ 1895. The two leaders - Trans/R2K, settled higher by 2.3% and 2.4% respectively. Near term outlook offers threat of a minor retrace to 1871/64, but in any case.. the 1920/30s are highly probable before next opportunity of another major rollover.


sp'60min

Summary

*closing hour action: a lot of minor chop.. with buying into the close
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The hourly MACD (blue bar histogram) cycle ticked lower. At the current rate, we'll see a bearish cross tomorrow afternoon... ahead of the next pair of oil inventory reports.

So... threat of some cooling, but broadly... the market looks headed another 1.5-2.0% higher.

Time remains an issue, and if you start the bounce count from last Thursday, there is threat the market will hold together for at least 3-4 weeks.
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In far more important developments... the closing bell was rung by the swimmers.

Bullish.

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more later... on the VIX