Closing Brief

US equities closed moderately mixed, sp +0.3pts @ 2082 (intra high 2087). The two leaders - Trans/R2K, settled +0.2% and -0.1% respectively. Near term outlook offers cooling to the 2065/61 gap zone. Any price action <2050 looks difficult, as the market is increasingly confident that 'normal service' has fully resumed.


sp'60min

Summary

*closing hour action: micro chop, leaning a touch weak.
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... another day where the market ground out another tranche of equity bears... with a new multi-month high of sp'2087.. a level most (myself included) thought out of range a mere month ago.

To have any confidence.. equity bears need a daily close <2050 next week. From there... 2020/10s - with VIX 17/18s, but that really looks a tough challenge,

*once opex is out of the way.. there will be ten trading days left of the month.
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more later... on the VIX