The overall market is “jittery” and seems to be “looking for a reason” to move in one direction or another. There seem to be more reasons on the horizon for it to go down than up!
Sure, we may have tax reform, infrastructure spending, capital repatriation and many other positive economic policy developments on the horizon. But none of that is a done deal yet and we have some rigorous debate ahead to make any progress.
On the potential downside we have; North Korea, hurricanes Harvey and Irma, the fact that our Bull Market is over eight years old, and, of course, the iPhone 8 launch on Tuesday.
Will Apple’s iPhone 8 launch, if it is weak, be the catalyst for a downturn? CNBC says maybe. We don’t know what the triggering event will be, but there just may be one.
The S&P 500 daily chart is definitely showing weakness, based on technical indicators and some key levels to watch are; $2442 and $2414. If price gets below the first level, that will be a warning and the potential for the beginning of a correction. If the second level gets hit and price goes below it, then it is on, we will have clear evidence that a correction has begun. Watch these levels and be ready!
In today’s Trade Scanning Session https://youtu.be/-2VGjkwbtSI, we identified some really nice potential short trades and will be watching closely this week to see if they get final confirmation. What sector looks poised for a pull back? (hint: who pays for the storm damage?)
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Gold is still very Bullish! I’d been watching $1307 as a key level for most of the year and price broke through it recently and the rally is on. We are long Gold and there is still time to get in.
Oil is a mess. Technically still in a down trend, but that is being challenged. If we get a close, on the daily futures contract for Crude Oil, it may be headed up.
That’s it for this week. Watch the key levels on the S&P 500. Keep your winners big, your losers small and have fun! Trading should not be stressful.
Thanks,
Dean