Closing Brief

US equities ended the month on a moderately weak note, sp -15pts @ 1932 (intra high 1958). The two leaders - Trans/R2K, settled lower by -0.8% and -0.3% respectively. Near term outlook offers renewed upside, at least to the 1970/80s later this week, with the 2K threshold more viable next week.


sp'60min

Summary

*closing hour action: moderate weakness, with a new intra low of 1931, but holding first soft support of the lower hourly bollinger.

Price structure is still arguably a bull flag... if somewhat bigger.
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... and February comes to a close.

We saw a marginal lower low in the sp'500 of 1810, before swinging powerfully higher, having already hit 1962.. with VIX cooling from 30 to the mid 18s.

Broadly, the market still looks set climb into mid March... and once the next ECB and FOMC are out of the way, the equity bears will have an open window to break the market much lower.

yours truly remains quietly watching.

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more later... on the VIX