Not Much New to Report

Another up trending day in the cash S&P500 and there is not much new to add. Once again the index is in a position where it can not qualify the overhead TD Supply Line (dashed, nearly horizontal, red line at about 1018). This should keep a lid on any rally attempt here.

Bottom Line: Even if we were to post a slightly higher high here (1022-1025 has been a longstanding target) I think the evidence favors the view that the pullback associated with the Level 3 Beta pulse (see the July 25 post) is the next significant event on the immediate horizon. I won’t change this view unless the TD Combo risk level calculated at 1038.92 is broken.