Closing Brief

US equities opened a little lower, with downside momentum building across the day. The sp'500 closed -40pts @ 1928. The two leaders - Trans/R2K, settled lower by -2.4% and -2.7% respectively. Near term outlook is sp'1904, with VIX 21/23s.


sp'60min

Summary

A day for the bears... and these day to day swings are really testing the patience and tenacity of many.

With the Fed gains turning out to be a giant failure... we now look set for a full test of the August low of sp'1904... where the 200 day MA is also lurking.

On no basis do I see a sustained break below 1900... in the current wave.
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more later on the VIX