Current market context
$SPX $NDX are currently in Major Pullback2 within the Up Trend that started on 12/26/18. Major Pullback2 arrived on 7/31, with plenty of warnings from market internals.
Within the current Major Pullback2, we have had 2 bounces due to oversold conditions. The first was from 8/7 to 8/8. The second bounce was from last Thursday 8/15 to Monday 8/19. By the end of Monday, oversold conditions were disappearing. So today, prices pulled back by a small amount.
However, for the most part, trading activities were subdued. No one wants to take a heroic stance before FOMC minutes tomorrow Wednesday, and Fed Camp in Jackson Hole this coming Friday 8/23.
The rest of this article covers:
Table of support and resistance levels
Updates from market internals
Planning your trades
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