FOR THURSDAY: (8/9) Not sure what the market is waiting for or why it may retrace on Thursday but it’s acting a bit tippy, and heavy and let’s see how much it comes off.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR THURSDAY: (8/9) Market may recover in the evening but probably will have trouble taking out 2860. Support at 2846.25 and 2840. Cycles aren’t that bearish for Thursday, and a big flush down would be unlikely. Market would have to take out 2830 to issue a yellow flag warning and we wonder if 2840 will even come out.
CYCLE SYNTHESIS: Lower into Thursday; higher into Monday and probably higher into Aug. 13; lower into Aug. 16-17.
