Thursday, 13 July 2017

Closing Brief

US equity indexes closed fractionally mixed, sp +4pts at 2447. The two leaders - Trans/R2K, settled -0.1% and +0.1% respectively. Near term outlook offers moderate cooling to sp'2435, but anything under 2425 looks a stretch before the weekend.



closing hour action: a fair amount of minor chop, but breaking a new intra high of 2449, leaning fractionally weak in the closing minutes.

With the transports breaking a new historic high of 9742, it was a day for the bulls.

Short-term, the cyclical setup offers a bearish MACD cross early Friday morning. At minimum, that should see the sp' cool to 2435. Things only get marginally interesting with a full gap fill to 2425, even then, that would only result in a flat weekly close.

I see a fair few out there looking for the mid/low 2300s, but first things first... we need to see a weekly close back under the 10MA in the 2420s. Today's close doesn't offer any hope for that.

Here in London city...

Warm, but a depressing cloud bank rolled in for the evening. No sunset for yours truly. Wine and chocolates will have to suffice.

more later on the VIX and Indexes, and a 'looking ahead' post by 6pm EST.