FOR WEDNESDAY: (8/22) Market sharply lower on the Cohen news but may recover by the morning. We got the stocks sell signal and now have to find a place to get in. Dollar really falling apart but need a dead-cat bounce into Wednesday to get in and will look in the morning.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR WEDNESDAY (8/22): Cash S & P made a new high by a fraction and has sold off strongly on the Cohen news and implications for the President. This market has been long overdue for a fall and held up about ½ day longer than we expected but should be starting the 61-point fall into Friday. Might turn into more but computer ALGOS are fueling a fall here for now. Cash closed at 2862 and has support at 2850. Futures are overextended in the night session, and a bounce on futures to 2862 on Wednesday may set up a sale. Major support at 2839-40. We do have a bias for lower prices his week for stocks with the S & P probably staying above 2800 this week if it completes a 3-wave decline. Any bad news out of China talks and the market may unravel more. We wonder if that will all happen on Friday.
CYCLE SYNTHESIS: Lower Wednesday; possibly lower into Aug. 24.
Comments are closed.