We are all still range-bound my friends. Bang, bang, bang, against resistance. Boof against support. We’re banging instead of boofing right now, particularly with respect to the NASDAQ:
What’s bizarre to me is that, ostensibly, the reason for the big rally this morning is because the Governor of Hong Kong is going to withdraw a proposed extradition treaty with China. So, umm, yeah, that move is going to amp up corporate profits 20% here in the U.S. Absolutely. Sheesh. Could anything be less relevant?
The finance sector demands close observation. I am watching with great interest what happens with the S&P Bank fund (NYSE:KBE), shown below. We’re definitely chipping away at support, but no clear failure has taken place yet. September could be a magical month, so there’s plenty of time for a breakdown.
