Here's my newsletter and video review of the markets, our trading systems, commodities, trade ideas and thoughts on the recent market action. 

Remember on the weekend I told you guys to 'Hold onto your Butts' and that's been true with these extreme market volatility. The VIX hit 66 on Monday and each day we've had 100 point plus ranges on the S&P 500 (today the S&P 500 had a range of 130 points).  The market started off with a big gap up but quickly stalled out within the first 30 min before selling off the rest of the day into the close. SPX hit a high of 5330 and closed at 5200 . The big cap tech stocks all stalled out near their 9 EMA. 

So guys, that oversold bounce either completed a wave 4 and could be going to a test of the lows or new lows in a wave 5. It's also possible that the market could recover and try to rally again tomorrow (as the SPX retraced about 61.8% of the move up) - diagonal 5 wave patterns also have a deep retracement even if a higher low forms. That said futures are trading lower this evening.

Youtube Video Newsletter Wednesday Aug 7th, 2024  - watch in full 1080 resolution on tablet or desktop NOT your phone

PLEASE leave a like and comment, helps the Youtube Algorithm to get out stuff more visible - I appreciate the support!

Newsletter Wednesday Aug 7th standard Webpage Format  - contains all the dynamic chart links

have a good evening and remember we have initial jobless claims in the morning,

Matt