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Trucking Looks Set for Potential Turnaround

As I sit here in the beautiful Smoky Mountains, I note that, in my absence, the S&P 500 has again, in August, held and rallied from key support at 2822, following last Friday’s tweet sell-off. Despite this gut-check roller coaster ride, the technical backdrop remains unchanged, with the index likely to remain in a broad trading range well into September, and possibly into early October. The proprietary weekly indicators I track point to a few more choppy weeks, which should set the stage for a strong Q4-year-end rebound. I see upside resistance around 2940-2945, near the August trading range upper end and coinciding with the 50-day moving average and prior highs.

Though it’s easy to become mesmerized or even paralyzed watching the market’s volatility, I encourage investors to screen ideas from the bottom up. Often there are less obvious clues developing at the stock level that are masked by the market’s movement.

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