SPX did fall further in somewhat of an ending diagonal triangle fashion over the last couple days and it could even drop 1 more time, but it is pushing the 1901 limit I was expecting to hold. Futures look bad with Obama's approval to air strike Iraq. If SPX opens below 1900 and doesn't reverse in the first hour, it could runaway from OPEX max pain into late next week down to the 1850ish target I am ultimately expecting. The projected discretionary spending bottom this week or next could still play out. I just think the other evidence is favoring a bounce with a larger bottom stretching into late August or mid-September but Mr. Market likes to surprise. TRIN spikes like the one we got today have typically led to a couple indecisive days
Thursday, August 7, 2014
Important 2 days ahead
Today was a SPY BOW day most of the day until right at the end...not sure if that helps or hurts the 3 recent BOW days.
SPX did fall further in somewhat of an ending diagonal triangle fashion over the last couple days and it could even drop 1 more time, but it is pushing the 1901 limit I was expecting to hold. Futures look bad with Obama's approval to air strike Iraq. If SPX opens below 1900 and doesn't reverse in the first hour, it could runaway from OPEX max pain into late next week down to the 1850ish target I am ultimately expecting. The projected discretionary spending bottom this week or next could still play out. I just think the other evidence is favoring a bounce with a larger bottom stretching into late August or mid-September but Mr. Market likes to surprise. TRIN spikes like the one we got today have typically led to a couple indecisive daysfor a slightly as either 1) an immediate lower low or 2) a bounce & bottom retest, but they have all led to rallies after that. Will this time be different? We should know by the Tuesday action and a lot can happen over the weekend. Good fortune.
SPX did fall further in somewhat of an ending diagonal triangle fashion over the last couple days and it could even drop 1 more time, but it is pushing the 1901 limit I was expecting to hold. Futures look bad with Obama's approval to air strike Iraq. If SPX opens below 1900 and doesn't reverse in the first hour, it could runaway from OPEX max pain into late next week down to the 1850ish target I am ultimately expecting. The projected discretionary spending bottom this week or next could still play out. I just think the other evidence is favoring a bounce with a larger bottom stretching into late August or mid-September but Mr. Market likes to surprise. TRIN spikes like the one we got today have typically led to a couple indecisive days
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