Closing Brief

US equities settled a touch weak, sp -6pts @ 2104. The two leaders - Trans/R2K, settled lower by -0.6% and -0.5% respectively. Near term outlook offers a minor retrace to the sp'2060s.. where the 50dma will be lurking next week.


sp'60min

Summary

... and another rather tedious week in market land comes to a close.

All things considered, it looks like sp'2119 was a short term high. We look set to slide to the 2060s by next Wed/Thursday.. before renewed upside.

On no basis does it look like the market will be sustainably trading under the 2050 for some months.

Have a good weekend
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*a full set of updates across the evening to wrap up the week

3pm update - a powerfully bullish month

Regardless of the exact close, it has been a powerfully bullish month for the US.. and most world equity indexes. The sp' is set for a net February gain of around 5.5%... totally negating the moderate weakness of January. Broader outlook remains strongly bullish... with the sp'2200/300s viable into the early summer.


sp'monthly

sp'60min

Summary

*the daily cycles are highly suggestive of weakness in the first half of next week.
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Soft support remains 2103/00 zone... a break under that offers 2065 next Tue/Wed.
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Notable weakness, CHK -2.9%

2pm update - minor weakness

US equities are seeing a touch of weakness... but the key sp'2100 threshold continues to hold. VIX is not offering any market concern, -2% in the 13.60. Metals appear weak, Gold +$4, whilst Oil remains broadly flat.


sp'daily3 - fib retrace

Summary

*the above fib retrace is subject to change of course, on any new high >2119.. but that looks increasingly difficult.
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So... micro chop...  with a touch of weakness. It remains very tedious price action.
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Notable weakness: AA -2.3%, CHK -2.5%