Issued: 08/04/2014
September S&P:
1. Today’s daily close below $1938.50 in the September S&P (today’s daily close, $1932) is the earliest indication for a test/attempt at $1924/$23 (or lower) in tomorrow’s (Tuesday, Aug. 5) early session. Such a test would not necessarily end the current advance off the Friday, Aug. 1, $1910.25 bottom.
2. However, any hourly close or sustained break below $1919 in tomorrow’s (Tuesday, Aug. 5) session places the market in a much weaker position with a test/attempt at $1907 (or lower) indicated.
3. Keep the above in mind into tomorrow. Will update.
David Williams
Issued: 08/04/2014
September S&P, Correction:
1. Today’s daily close below $1935.00 (our previous update incorrectly indicated $1938.50) in the September S&P (today’s daily close, $1932) is the earliest indication for a test/attempt at $1924/$23 (or lower) in tomorrow’s (Tuesday, Aug. 5) early session. Such a test would not necessarily end the current advance off the Friday, Aug. 1, $1910.25 bottom.
2. However, any hourly close or sustained break below $1919 in tomorrow’s (Tuesday, Aug. 5) session places the market in a much weaker position with a test/attempt at $1907 (or lower) indicated.
3. Keep the above in mind into tomorrow. Will update.
David Williams
Issued: 08/05/2014
September S&P 500:
1. Yesterday’s (Mon., Aug. 4) September S&P report indicated that the market was in position to drop approximately 9 points and test $1924/$23 in today’s (Tuesday, Aug. 5) early session.
2. Today’s (Tuesday, Aug. 5) September S&P declined and completed the $1924/$23 downside target (today’s session low, $1922.25, so far).
3. Self-directed traders based upon yesterday’s report exited a portion of their position at/near $1924/$23. Hourly closes or a sustained break below $1919.00 are the weaker position and indicate lower prices, including a test/attempt at $1908/$07, also noted in yesterday’s report.
4. Hourly closes above $1919.00 are the stronger position and may prompt new long entry. Will update.
David Williams