The broad market has entered a period of price compression, and
it is neither overbought or oversold. I find it very difficult to get
any sort of edge in a market like this and almost always allow the
compression period to resolve before taking a trade. Ahead in
September we have a period of seasonal weakness to traverse,
and that is likely keeping some money on the sidelines. From
my perspective, it is still an up market based on its position
relative to the 10 and 25 day m/a's. Obviously though, there
is clear short term overhead resistance, so the powder shall
remain dry.
The daily SP 500 chart is here.
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