The video in this report is only accessible to members
The video in this report is only accessible to members

The selloff which began last Tuesday does not yet look complete, but I’m expecting this will be finished by this Friday into Powell’s Jackson Hole speech.  Given the extent of the recent selloff and accompanying gaps, it’s possible that 4100 might be violated by a small amount.  However, I’m not expecting that 50% of $SPX’s rally from mid-July should be undercut.  Thus, expecting a bit more weakness, though with a floor near 4000 makes sense into end of week.  As has been discussed, cycles still point higher into September, and counter-trend signals of DeMark exhaustion were not present on daily, nor weekly charts last week.  These facts along with near-term intra-day oversold conditions and the fact that Growth remains trending up vs Value, give me confidence that markets should still push higher into September. 

The video in this report is only accessible to members

WTI Crude doesn’t look to have bottomed just yet, though Energy is acting quite well  

Despite the last four of five “UP” days for Crude, this doesn’t seem to have bottomed just yet and weakness looks likely down to $80-$82 which might prove more important.

Energy stocks largely have ignored Crude’s decline of late and $XLE, $XOP and $OIH have a...

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Macro subscription is required in order to access this content.

*Free trial available only on a monthly plan

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 2 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In

Don't Miss Out
First Month Free