1. Our previous (Thursday Aug. 7) September S&P report (and in our Wed., Aug. 6 Williams edge live meeting) it was noted that a daily close on Thursday, Aug. 7 below $1914 would indicate new short entry for decline to $1891/$89 (or lower).
2. Yesterday’s (Thursday, Aug. 7) session initially showed buoyancy but later broke below $1914 and never recovered, closing the day at $1905.50.
3. Today’s (Friday, Aug. 8) session continued sharply lower and completed the $1891/$89 downside target (today’s session low, $1890.25, so far). This is an important downside completion. Will update.
1. Beginning tomorrow, (Thursday, Aug. 7), continued daily closes above $1914 in the September S&P will indicate a multi-day tradable advance to at/near $1937/$38 (or higher) into Monday, Aug. 11 (+/-1 day). Will message new long entry based upon the above if the market confirms as noted.
2. A daily close today (Wed., Aug. 6) above $1914 while not necessary, is helpful if it occurs.
3. From Thursday, Aug. 7 forward, daily closes below $1914 are the weaker position and may prompt alternate entry. Will update as the market confirms.
1. Our previous (Wed. Aug. 6) update indicated that a daily close above $1914 in the September S&P beginning Thursday, Aug. 7 would prompt new long entry for an important advance to substantially higher prices.
2. However, today’s (Thursday, Aug. 7) session will likely close below $1914 which is the weaker position and the earliest indication for substantially lower prices into early next week including a test of $1991/$89 (or lower). Will update.