Morning folks. Market due for a weak opening down .5-.7% accross the indexes. There was weakness overseas as renewed worries over banks in the eurozone amongst other things such as The Presidents new plan to flood 200 billion into the economy via small business incentives. OIL is is going to open down 1% or so along with NatGAS.
Remember market is starting to get overbought so a bit of weakness is to be expected especially since we have entered a resistance zone. Since we have been in a range for so long and Mean Reversion Trading having been the most successful style for swinging last few months expect a few people to be net short after today for a pullback to the 50dma.
Sept and Octoboer are tradiitonally bearish months. The start of Sept trading was one of the strongest in history so lets be mindful for a trap.
Keep an eye on SPX 1081 for support and SPX 1115 for resistance (we ahve multiple resistance zones 100,200dma and price resistance overhead)
remember we are in bear market trading…dont get too cute with ur trades.. TAke money as you see it. Sept-October throughtout hisotry has done some crazy things. which way no one knows.