Starting weak

US equity indexes closed broadly weak, sp -8pts at 2572. The two leaders - Trans/R2K, settled significantly lower by -1.3% and -1.1% respectively. VIX settled +7.1% at 10.50. Near term outlook offers soft target of 2560/57. Unless last week's low of 2544 is taken out, the 'technical necessity' of 2474/61 remains on hold.


sp'daily5

VIX'daily3

Summary

The week began on a moderately weak note. However, the Nasdaq comp' did break a new historic high, as there is underlying hyper strength within many tech stocks.

Market volatility picked up a little, but remains at historically very low levels. Things only get interesting with a daily close >12.50.

To be clear, s/t bearish (if only moderately), but unless last week's low of sp'2544 is taken out, any hope of the 'technical necessity' of 2474/61 is currently on hold.
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