Hello Everyone,
Thursday Comments:
Yesterday, the SPX formed a higher low so favored some upside probing today. The SPX pullback held posted SUPPORT of 4150 and pushed up into the close at 4200. Reminder: Levels are posted and updated at the top of the trading community as guides. Tomorrow we have JP speech from Jackson Hole so likely to get some gyrations.
Tuesday Comments:
Following yesterday's red doji candle, the indices followed with a bearish engulfing candle which had the SPX/QQQ closed below their respective 50 day moving averages. We have yet to see an overlap of the first leg up for either index but we have seen a much deeper retrace than a typical wave 4 (if you are in the bullish camp). Some deep oversold readings so the bulls really need to step to the plate SOON and for now I view bounces/rallies as temporary within the context of a downtrend.
Please take a moment to look at the trade ideas.
