FOR FRIDAY: (8/31) 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 FRIDAY: (8/31) Day traders sold the 2913 region with a target of 2896. Market came back a little. Resistance up to 2905.50 overnight for aggressive sellers with support down to 2885. We originally thought Friday could be down on month-end position squaring and before the long weekend, and the breakdown at 2904 cleared up any doubts about seeing 2925 this week. Break is healthy so they can bargain buy it back on Monday after the holiday. So far nothing more than month-end profit-taking and pre-Labor Dy position squaring. Deepest break with really bad news would be to 2860, the 20-day chart MA.
CYCLE SYNTHESIS: Lower into Friday.
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