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Turn Around Tuesdays: S&P Slip-N-Slide

ByMrTopStep
AuthorDanny Riley
Published 09/02/2014, 03:26 PM
Updated 05/14/2017, 06:45 AM
US500
1.59%

What we saw today was the back-and-fill we spoke about in this morning’s Our View. The market needed to let more buyers get in at lower prices in order to build up pressure to the upside. The afternoon’s rally followed the morning and looks ready to continue into tomorrow.

We still think the highs we expect at 2012-2018 are possible this week. A close above 2004 will put a string of buy stops into play that will drive the market upward.

While a rally above 2020 is possible, the market will likely need to digest before heading that high. A busy week of economic reports culminating in Friday’s jobs number, along with continued geopolitical uncertainty, should give the market plenty to react to in both directions, particularly as traders come back from their summer holidays and begin working in earnest.

HIGH: 2004.00
LOW: 1992.70 Mid-Afternoon
LAST: 1999.50
DOWN1.9 Handles
TOTAL VOLUME: 1.2mil minis; 3.6k bigs
MOC: BUY $400mil
Short but BIG week for the economic calendar!
FOR TOMORROW: Motor Vehicle Sales MBA Purchase Applications ADP Employment Report Gallup U.S. Job Creation Index Redbook Factory Orders Beige Book

As the week rolls on, more people will get back to trading. Still think 2012 – 2018 possible this week, but have to close above 2004 with 2022 – 2024 being an extreme. S&P needs to Back & Fill before going back up. 1992.70 Last Friday's low held.

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