Daily Wrap

US equities closed moderately lower, sp -0.7pts @ 2109. The two leaders - Trans/R2K, settled +0.1% and u/c respectively. Near term outlook offers a 5-7 day down cycle to the sp'2060/40 zone, which might (briefly) equate to VIX 19/20s.


sp'daily5

VIX'daily3

Summary

Frankly... little to add, on what was another pretty tedious day.

Price action does offer the equity bears some hope that 2110 was a short term high... with a 2-3% down wave into next week.
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Closing update from Riley


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Looking ahead

Tuesday will see Case Schiller HPI, Richmond Fed, and consumer conf'.

*Yellen will be speaking to the US Senate, which might take until 1pm to complete. Any talk of interest rate rises by the summer will give the market the excuse to sell lower.
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Goodnight from London

Closing Brief

US equities closed moderately mixed, -0.7pts @ 2109. The two leaders - Trans/R2K, settled +0.1% and u/c respectively. Near term outlook offers a cycle high of 2110, with a downside target zone of 2060/40 into next week.


sp'60min

VIX'60min

Summary

*a minor touch of strength into the close, but nothing of significance.
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So.. equity bulls failed to break a new cycle high, but neither did the bears show any downside power.

Market remains clawing 'broadly higher', even a move to the 50dma in the 2050s next week will do nothing to the broader trend.
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a daily wrap at 8pm EST

3pm update - weakness into the close

It would seem highly probable that the equity bulls will be unable (for the first time in over a week) to break new highs into the close. It will only take a little closing weakness to take out the morning low of sp'2103, to provide a daily close in the 2090s. Oil has resumed lower after speculation on an OPEC meeting, -2.8%.


sp'60min

USO, daily

Summary

*Oil remains highly volatile intraday... swinging from -3% to -0.7%.. and back to -3%
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Again, price action remains relatively subdued.. as most are waiting to see what Yellen has to say to the US Senate tomorrow morning.
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Notable strength: AAPL +2.3% in the $132s.