FOR TUESDAY (7/24) The trade couldn’t break stocks so they took them up for their typical Monday romp. Tuesday looks higher for stocks so we can’t stick around and we probably have to buy in the morning, and NQ is about to breakout. Chances are a rally on the dollar is a sale on Tuesday and a dip on gold is a buy. Crude is about to break and be lower into at least next Sunday/Monday.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR TUESDAY: (7/24) EOur shorts were in nice profits on Sunday night when 2792.50 hit and hopefully you took some off and heeded the yellow flags with pushes above 2806 intraday. Support overnight at 2808.50 and 2806.25 with new highs to 2824.50 and 2828.50 possible. Wednesday isn’t clear but given patterns and the breakout on NQ, we have to assume that the higher numbers are possible before end of the month profit-taking hits. Stocks failed to fall apart with weak cycles, and great GOOGLE earnings helped NQ, which never issued a solid sell signal. Market looks higher on Tuesday, and we’re going to have to scramble on shorts.
CYCLE SYNTHESIS: Higher Tuesday; volatile Wednesday; lower into Friday and into July 31.
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