FOR TUESDAY: (8/28) GDP is on Wednesday and we’re always worried about these holiday weeks as the trade will start leaving by Wednesday and nothing will happen until Sept. 4. The dollar downtrend is more solid, as is gold, and you can’t sell the stock market when it’s at record highs so go with the trend. T-notes look lower much of the rest of this week.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR TUESDAY: (8/28) Never got long, as a market order was needed on Sunday night and cash close to key resistance at 2903 and futures not very far. Our old target of 2913 is the latest projection, and the market may back off from there the rest of the week. Still, daily chart patterns point to 2992 now and expecting the market to hold up until at least Sept. 6, and we wonder if the seasonal Sept. weakness will come. Depending on how close we are to 2913 in the morning, there may be one more buy left.
CYCLE SYNTHESIS: Topping Tuesday; sideways to lower into Friday.
Comments are closed.