Closing Brief

US equities closed on broadly weak, sp -0.5pts @ 2050. The two leaders - Trans/R2K, settled lower by -1.1% and -0.5% respectively. Near term outlook offers a break of the sp'2040 threshold. The big unknown is whether the two soft lows of 2039/33 will hold. A weekly close in the 2020s would lead to 2000/1990s, before next bounce.


sp'60min

Summary

*closing hour action: not surprisingly... just more minor chop
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Frankly, not much to say about today.

After two days of decline.. a day chop.. as market was content to enter a holding pattern ahead of the next key econ-data.

From a pure cyclical perspective, the setup arguably favours the equity bears, not least as the daily/weekly cycles are swinging increasingly toward the bears each day.

Have a good evening.
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*earnings due: GPRO, WYNN, and SQ.

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more later... on the VIX