Another down trending price bar was printed on the daily chart of the cash S&P500 on Monday. We gapped down at the open below both the TD Demand line and the short moving average. This price action confirmed the TD Demand Line break and projects to a 969.43 price.Bottom Line: The expected August correction associated with the Level 3 Beta pulse (see the July 25 post) is underway. At this time I expect the decline to complete by the end of the month. The next downside target is 961 but there is no requirement to get there immediately. If a bounce develops over the next day or so it would push the bottom into next week.
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