FOR FRIDAY: (8/24) Market still congestive before Jackson Hole and China news. Seems not to care much about Trump scandal. We still can be rather congestive on Thursday, and then we have to deal with lots of news and craziness on Friday. Never a dull moment. We have a bias for toward a negative resolution for stocks on Friday but we’re so used to surprises with all of this stuff. They never make it easy.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR FRIDAY (8/24) If you’re in short S & P, you have first profit objective of 2851 and second profit objective of 2843.50. If we are going to get the full 61-point fall, it will be on shocking news on Friday when no one is around or over the weekend. We’re going to need some wildly bad news around China and Jackson Hole to spook the market down to 2800-2805. Market managed only a weak 3-wave bounce. The most bullish pattern would allow a fall to at least 2843 even if the market surprises us so we can stick with shorts. Should have some weakness overnight into early morning. Major support at 2839-40.
CYCLE SYNTHESIS: Lower into Aug. 24.
