US equity indexes closed broadly weak, sp -18pts @ 2063 (intra low 2054). The two leaders - Trans/R2K, settled lower by -1.2% and -1.7% respectively. Near term outlook offers sp'2040/38 - where the 50dma is lurking. A daily close under the two soft lows of 2039/33, in the 2020s will not be easy.
sp'60min
Summary
*closing hour action: weakness into the close, but nothing significant.
--
.. and thus concludes another day in the world's most twisted casino.
Certainly, the intraday bounce from 2054 to 2069 gave most equity bears a scare (yours truly included).. as there was threat of another push to the 2080s again.
The bigger daily/weekly cycles continue to increasingly swing in favour to the equity bears.
Even a basic 38% fib retrace would give the sp'1990s... which is a 6% cooling from the 2111 high.
--
more later... on the VIX