Closing Brief

US equities closed moderately mixed, sp' u/c @ 2047 (intra range 2060/34). The two leaders - Trans/R2K, settled higher by 0.3% and 0.5% respectively. With the break of core support, near term outlook offers at least 2000/1990s, with a H/S scenario offering 1970/60s... certainly by end month.


sp'60min

Summary

*closing hour action: some pretty strong swings (relative to what we normally get)... but holding above the 2pm hour low of sp'2034.
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So... opening weakness.. a ramp into the FOMC minutes..  but then upset at the overt threat of a June rate hike.

Yes.. we closed above the sp'2039 low.. but the floor IS broken.

The spike on the bigger daily candle is very bearish, and bodes for a near term decline of 2% (at min)... to 4%.

In the grand scheme of things.. its all still pretty small moves, but it won't be that way forever, as the summer proceeds.

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more later... on the VIX