If you are a regular reader then, no doubt you are aware that last week several times it was mentioned that strength was expected into Monday AM with two days of weakness which we felt would help clear up the near-term picture. That it certainly did. We remain on target for a wide range chop into early September - so within 140 points range that the S&P500 has been in. Be aware that a large ramp appears to have the potential occurring from the bottom of this range as central bank malfeasance reaches even more epic and delusionary proportions. Best approximation is that weekly MSP (Thick Magenta) shows mild downward pressure into next week...so, most likely this will be key to watch. Is is quite reasonable at this time to expect a real test of the 2044 SPX cash price supports. - if so, into next week seems likely.
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