FOR WEDNESDAY: (8/15) Hard to play overnight with geopolitical and geo-economic tensions strong. If the stocks don’t fall apart overnight, they will continue to be a buy on dips. Dollar looks higher 2 more days and gold lower.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR WEDNESDAY (8/15) Our analysis was correct but the market did not give us any new clues as it held the lower range and the upper range. Market needs to take out 2846-47 to confirm its done and negate secondary lows. A divergent low at 2817 is possible—but unlikely. The more bullish pattern suggests 2835-37 holding and the market reaching up toward 2861 and 2875. We had a bias toward higher prices into Thursday and so far the market is supporting and more so with NQ.
CYCLE SYNTHESIS: Higher into Thursday and Sunday.
