FOR WEDNESDAY: (8/8) Wednesday is a volatile transition day. We could see wild continuations of the trend followed by sudden reversals that continue into Thursday. Not seeing major crash energy so just think pullbacks are needed on current moves so far this week.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR WEDNESDAY: (8/8) Failed to get in on Tuesday and hard to chase on Friday. First resistance close at 2865 and then 2875 and then 2884.50. The market doesn’t have to have a sharp move lower but we do see a 2-day pullback and then the market looks higher on Friday. S & P could be up overnight and top in the morning. No point in top-picking, as this market is still a bull and NQ also has room. Will be harder to buy on Wednesday.
CYCLE SYNTHESIS: Topping Wednesday; lower into Thursday; higher into Monday and probably higher into Aug. 13; lower into Aug. 16-17.
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