Closing Brief

The market opened in a moderately good state, but the gains failed very quickly, and it turned into a day where the market consistently ground lower - much like the action of last Wed/Thursday. Critical support remains sp'1598. Overnight trading action will be...important.


sp'15min

sp'60min

Summary

The closing hour price action is again suggestive of a floor, but that was the case throughout much of the day.

It is still kinda unusual to actually see a series of micro down-cycles, where the bounces are never very much.

All things considered, this market remains on the edge of a VERY tall cliff. Any break below 1598, and it all unravels.
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*I hold index (underwater) longs overnight, seeking an exit in the 1625/30 area on the next bounce..if we get one tomorrow.
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