Uranium plays should continue to gain traction

Trading lows look to be near but could materialize at $SPX 3980-4000 over the next 1-2 days before rallies get back underway to kick off the month of September.  Looking back, Monday’s stabilization attempt really didn’t generate that much conviction that lows could be in place.   Sideways consolidation for 9-10 hours in S&P Futures rarely are convincing that a pullback is bottoming out. Watching for evidence of yields topping out, or $AAPL bottoming, are two key factors which would be helpful towards the idea of an Equity bounce starting to get underway.  Overall, a 50% retracement of the June rally pinpoints 3981 as being important which lies just about 1% lower.  It’s expected that while seasonality could be difficult for September, any volatility likely happens in the back half, not initially.  Thus, buying this dip looks correct.

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