Closing Brief

US equity indexes closed significantly lower, sp -19pts @ 2064. The two leaders - Trans/R2K, settled lower by -1.5% and -1.2% respectively. Near term outlook remains borderline, as until the Friday low of 2039 is taken out, price action still remains pretty choppy... with a broadly subdued VIX.


sp'60min

Summary

*closing hour action: a minor rally attempt.. but failing.. breaking a new intra low.
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Yesterday was pure nonsense.. and its somewhat good to see much of it negated today.

However, equity bears can't be remotely pleased until the Friday low of 2039 is taken out, and then downward to the 2000/1990s.

Even if we do reach that zone.. another bounce of 2-3% then seems due.

The first realistic chance of sustained/significant downside seems viable no earlier than end May/early June.

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more later... on the VIX