FOR WEDNESDAY: (8/29) GDP is on Wednesday and we’re always worried about these holiday weeks, as the trade will start leaving by Wednesday and nothing will happen until Sept. 4. The dollar downtrend is more solid, as is gold, and you can’t sell the stock market when it’s at record highs so go with the trend. T-notes look lower much of the rest of this week.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR WEDNSDAY: (8/29) In thinning volume, it could take an extra day to reach up to key resistance at 2913.75. Patterns look like a 15-point pullback would hold 2891 and be followed by a 24 more points higher to 2915. Not in a rush to top-pick but it still looks like the market might be a buy in the 2891-2 region if there’s no follow through, and it could still take until Thursday to reach up to 2914-15.
CYCLE SYNTHESIS: Topping and lower Wednesday; higher Thursday; lower into Friday.
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