Closing Brief

US equities closed moderately mixed, sp -0.7pts @ 2099. The two leaders - Trans/R2K, settled higher by 0.4% and 0.2% respectively. Near term outlook remains uncertain whilst the Greek situation remains unresolved, there is reasonable opportunity for a minor retrace to the 50dma in the sp'2045/50 zone.


sp'60min

Summary

*a closing hour of minor chop... seems we get selling around the sp'2100 threshold.. although not surprising after a 6% ramp from sp'1980.
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Another pretty dull day in market land.

Underlying pressure is clearly still to the upside, and the level of market confidence remains incredibly high.. despite the unresolved Greek situation.

Overall, I think we're due a retrace to the 50dma... with Greece being used an excuse.
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A daily wrap at 8pm EST.

3pm update - weakness into the close

Despite the FOMC minutes touting more 'patience', equity indexes remain moderately weak, and look set to slip further into the close. Immediate thresholds remain sp'2092, along with VIX 16.70s. Metals are holding minor gains, having bounced, Gold +$1. Oil is resuming the slide, -2.6%.


sp'60min

vix'60min

Summary

So... despite a brief jump... market looks set for weakness.

Primary target within 2-3 days is the 50dma of sp'2045.. which is itself rising each day.
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Notable weakness, financials... BAC -2.1%
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3.26pm... Indexes back to flat...  VIX flat....    hmm


3.38pm.. A brief hit of sp'2100... and a little selling... but still... tiresome day of very little.


3.42pm.. VIX looks floored on the 15/60min cycles... from 15.74...   what will be decisive is whether VIX gets stuck in the mid 17s... or can put in a daily close >17.50 within remainder of the week.


3.50pm... Who wants to buy over sp'2100 right now?   Hmmmmmm

back at the close....

2pm update - time for some fedspeak

US equities remain moderately lower, ahead of the latest FOMC minutes. A break under sp'2090 would open up a test of the 50dma (2045) within a few days. VIX is holding minor gains +3% in the 16.20s. Metals remain weak, Gold -$7. Oil is similarly on the slide, -2.0%


sp'60min

VIX'daily2

Summary

... lets see what the algo-bots make of the Fed press release...


*second blue candle on the VIX daily 'rainbow' chart... kinda interesting... but until 17.50s... its mostly noise.
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Notable weakness: RIG -1.9%... lower oil prices are not helping.
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2.03pm.. more of the 'patience' crap.... indexes jump...  although its nothing too significant.

So tired of the word games we see in these financial times.

Metals trying to recover, Gold -$4


2.06pm.. Smaller 5/15min cycles will be maxed out around 2.30pm... so..  there is a chance of weakness into the close.


2.19pm.. Now its a race... to break under the 2092 before the close.... a mere 0.3% lower.... not exactly a bold target!

VIX battling to hold the 16s. a daily close in the 17s would be pretty significant.

2.29pm... 2094........ hmm... kinda interesting... eyes to the VIX for confirmation