FOR THURSDAY: (8/30) NQ at all-time highs along with Amazon has to be watched for exhaustion but that point is up to 7754 on NQ futures. Long weekend makes it hard to take a position but the market tends to be higher after Labor Day. and cycle high into Sept. 6 is looming. Any Canada deal going into Friday could be a huge boost by the end of the week. Can’t short stocks at all-time highs.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR THURSDAY: (8/30) NQ was the stellar performer today, up 1.25%, but the SP was only up .56%, and just went beyond the upper edge we had at 2915 by slippage, hitting 2917.50. New highs on Amazon is pulling the whole market higher, with NQ projecting 7754, and SP will probably get to 2925.50. May not see more than a 9-point pullback before 2925.50 comes in. Watch 7754 on NQ for pattern completion. Market still on steroids and not sure there is much to stop it.
CYCLE SYNTHESIS: Higher Thursday; lower into Friday.
