The cash S&P500 formed an uptrending price bar on the daily chart Wednesday on lower volume. There is not much new to talk about this morning – focus remains on the same issues discussed over the past few days and I will stick to what I said “I can’t see us going much above 1293 and I think we will see a decline that drops below 1261 by early September. In fact, we are now starting to stare at a re-test of the mid-July low; which I think will hold (at least on this retest). Bottom Line: I am short-term bearish.”
The Wilder Directional Movement System continues to show price in a trading range (non-trending). The Parabolic SAR now stands at 1295.14. The under-development trading system (currently short from 1276.84) will be stopped out on a move today above the SAR.
No comments:
Post a Comment