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Monday, August 7, 2017

Market update 8/7/17

Had some trouble signing into blogger this morning, so I don't have as much time as I'd like...

We killed it again last week, nailing down Friday's sell target precisely.

Today's sell target is - again - the top of the range. I suspect the downside target is below the bottom of the range (the lower purple line).  

$SPX 1 min chart:

I like the bottom of the range on the 30 min chart - around 2465. If that breaks, 2454 is key support.

The Dow continues to close at slightly higher new highs, but what the fake news fails to report is that every rally is being sold.

We've also seen risk being taken off in the $RUT.

Perhaps the $RUT and the $SOX will bounce back, going into OPEX, but that remains to be seen.

More charts to follow @3xtraders



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