Closing Brief

A pretty subdued start to the week, with the broader market closing moderately mixed. The sp'500 settled +1.4pts @ 2041. The two leaders - Trans/R2K, settled lower by -0.5% and -0.8% respectively. Near term outlook is for a retrace back under sp'2000.


sp'60min

Summary

Frankly... little to add.. on what was a pretty dull day.
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The weakness in the two leaders - Trans/R2K, is suggestive the broader market is exhausted - from last Thursday's high of sp'2046.

At best, equity bears should be able to manage a retrace into the 1980/50 zone by early December.
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*a daily wrap at 8pm EST.

3pm update - minor weakness into the close

US equities look set to close with continued mixed weak price chop... with a slight downward pressure - via the daily cycles. Equity bears should look for a VIX close in the 14s, which opens up 16/17s later in the week.


sp'60min

Summary

Not much to add, a relatively quiet start to the week.. despite Japan getting whacked on what was very poor GDP Q3 data of -1.6% (market was expecting something in the +2.0s).

Clearly... the BoJ needs to print a lot more.
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back at the close... barring a surprise takeover bid... although I'd guess HAL ain't buying anything else this year.

2pm update - sleepy Monday

Price action remains increasingly light... and dull. VIX is holding minor gains of 5% in the low 14s. The bigger daily index and VIX cycles are both supportive to the equity bulls across this week. Metals and Oil remain broadly weak.


VIX'60min

Summary

Price structure on the VIX hourly is another bull flag - much like last Friday.. even with an opening black-fail candle.

Bodes (slightly) to the bears tomorrow...
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Notable strength: Nat' gas +4.6%..building gains across the day. Talk of $5 will be increasing this week.  All that is missing are some Russian threats of turning off the gas this winter to the EU.

yours... in the EU.