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Good afternoon, traders.
The S&P has rallied today but remains in a bear flag-like channel beneath the 50-day SMA:
Let’s review a couple of the things I pointed out yesterday. First, I pointed out that within that bear flag was a little bullish wedge, and that played out, and we reached the measured move of that structure:
I also said that the NDX presented as a bull flag, and that also played out and has also met its measured move:
From here, I think there are three possibilities, and I will discuss each of them.
Alright then, that’s how I see things for now. I hope everyone has a lovely evening and I will see you tomorrow (or tonight in the chat room if you’re in there).
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You are also warmly invited to join our growing community in the Discord server (there are many public features in there). The invite link is here: https://discord.gg/58FSjcDhvG.
I have a feeling we’re going to end August a good bit higher from here, though below that 4600 level we started the month at, and then well start turning lower in September for a lower low before mid October, and then we’ll rally from that low in Q4.
I still have no puts in anything as of last Friday, and I’m watching for the next top. My gut says we’ll probably rally after Powell’s speech this Friday, but that both call and put options will be too expensive to reasonably consider prior to that speech.
Absolutely possible. Let’s see how and if we react to the 50-day. All options are still on the table for the moment. Kind Regards, and good luck.