Closing Brief

US equities closed moderately lower for the second consecutive day, sp -13pts @ 1963 (intra low 1959). The two leaders - Trans/R2K, settled lower by -0.1% and -1.1% respectively. Near term outlook offers minor chance of a further small wave lower, but the sp'2000s look due... soon.


sp'60min

Summary

*far more importantly....we have Brazil vs Germany.

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I will post a daily wrap at 8pm EST.

3pm update - chop into the close

US equities look set for some mild chop into the close, and it would look highly probable that the equity bulls will manage a daily close in the 1960s... which keeps the short term upward trend intact.


sp'60min

Summary

Little to add...

Hourly cycles look floored at sp'1959, and we are already see the MACD cycle starting to tick higher.
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back at the close.

2pm update - reversals all over the place

US indexes are clawing back upward, from the earlier low of sp'1959. There are strong reversals in a great many individual stocks, notably in the airlines - UAL, DAL, and AA. VIX looks to have maxed out at 12.51.


sp'60min

Summary

It looks like 1959 was a short term floor, and we're headed higher. There remains moderate chance of a further down wave later this week, but really, odds are against it. Certainly, it would make for an overly risky short-side trade.

We're seeing some buying interest with the hourly cycle now floored...

Just one of the huge reversals of today...

UAL, daily

It doesn't get much clearer than that. UAL looks set for the big $50 later this year, although Delta (DAL) is in far better shape, and less volatile than United.