Has the stock market put in a tradable bottom?
It will not take much to get to 4010 on S & P futures and start a pullback to 3932 or max. 3903 on futures. The extended target beyond 4010 is 4033. We are open to the market holding up into Friday before we get the typical pre-FOMC movement lower for Sunday/Monday of next week. At best we can count on a move to 4100 on cash at some point and maybe that will be early August or maybe it will take longer.
The big question is will a 1.00 point hike and guidance for another strong hike freak the market out like it usually does? Hence the next major buy is not until the 28th. We have had extreme reactions lately the week of FOMC.
The ideal friendly pattern suggests a move to 4008 and then a fall to 3880 for the most bullish situation for the S & P and then higher into the week of August 1-3rd and lower into August 11th.
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