Closing Brief

US equities closed moderately lower, sp -8pts @ 1917 (intra low range 1930/15). The two leaders - Trans/R2K, both settled lower by around -0.6%. Near term outlook offers Friday weakness, but broadly, the 1950/60s look due next week. Whether 2K is hit before mid March... is arguably broadly inconsequential.


sp'60min

Summary

*closing hour action: a lot of micro chop, but with increasing weakness into the close, a new intra low, which bodes in favour of the bears for early Friday.
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The underlying MACD (blue bar histogram) equity cycle is now negative.. and there should (in theory) be slightly more downward pressure across tomorrow morning.

It would seem.. at best.. the sp'1900 threshold - the Wed' opening gap (yellow zone), before resuming higher next week.

The setup for late March/April looks very bearish indeed. 
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more later... on the VIX