FOR MONDAY: (7/23) Funny reversals in metals and currencies may drag on until at least next Friday, with Tuesday being a pullback day to get in. Assuming that stocks are mostly lower into the end of the month with very few time windows to rally. Trade already looking ahead to the next FOMC meeting announcement on Aug. 1.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR MONDAY: (7/23) Not sure we learned much on Friday, as the market failed to close below 2790 to issue a more definitive sell signal. Cycles are weak on Sunday/Monday so it has a chance if anyone is around and not on extended holiday weekends.
WEEKLY CHART: Measurements on the weekly chart project 2913 to get 5 waves up from the 2016 low at 1805. Monthly charts project 3250 but we’re not quite ready to go there. August looks more bearish but we have learned not to get too bearish too quickly and just not getting the breakdown.
CYCLE SYNTHESIS: Lower Sunday/Monday; higher Tuesday; volatile Wednesday; lower into Friday and into July 31.
