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The Emini S&P 500 (ES) is grinding higher off of Friday’s Fischer Low at 2157.50 into the August sideways range between 2190/91 on the high side and 2167/65 on the low — a range that was violated briefly Friday afternoon. Perhaps ES will gravitate up into the 2180 area — the mid-point of the range — where it will circle right into Friday’s Jobs Report?
It’s more than a little puzzling to me that interest rates are dropping, but financials are strengthening – – – of course, in this market, it seems everything is required to go up, logic be damned, so who am I to argue? In any case, the horizontal I’ve highlighted below is Custer’s Land Stand for the important broker/dealer index.
The SPX high window closed on Friday, SPX filled the open breakaway gap at 2164.5 and SPX closed under the daily middle band on Wednesday through Friday last week. We should see a decline here, though I’m concerned that this is all taking too long, and the next low window at the start of next week isn’t moving back. If SPX is to make my target trendline in the 2080 area then it needs to get moving. Otherwise there’s a possibility that we see a smaller decline and spend September just gently topping, which would be a much less interesting alternative. SPX daily chart:
