The market has traded in a tight range today with momentum to the upside as the bulls try to hold new current support levels.
The headlines have been favoring the bears in recent weeks and the two latest worries on when the U.S. will strike Syria and how high will oil zoom due to the ramifications.
While headlines play a major role in market direction, it is important to remember technicals play an even bigger role. We have been mentioning September (and October) could offer some incredible trading opportunities and we can’t wait until next week starts.
We have also talked about the indexes being at a major inflection point the longer the trading range stays intact. Remember, Tech came within spitting distance of setting new 52-week highs on Monday and here it is Wednesday with the Nasdaq at July lows.
We covered the bottom of the trading ranges to start the week and the lows from June so even with the massive decline from Tuesday, the bulls still have a little wiggle room before they hit the eject button.
Meanwhile, if lower levels hold throughout the week, there could be an incredible fear rally that takes shape in September. (continued…)
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