S&P 500: -2.10%Dow: -2.23%
Russell 2000: -2.30%
Evening folks! Lots going on in the markets! August is always the trickiest month of the year it seems. We are starting to see a bit of selling in the markets and have started to crack multiple layers of suport. Our multi week consolidation along with the uptrend channel we had been in in since november broken.. ( for the 2nd time we did a couple months ago also). Also our previous breakout from the 1680s is officially a failed breakout and we ahve seen the price action fairly bearish intraday as there are bearish setups triggering all over the place. For now defensive action is the best as we broke multiple layers of support. I do suspect the bulls will try to defend this s&p 1650 area and the nature on how they do it will be telling. To really kill the bearish move we need to break back above the 1680 level and get to 1700s. If not we could potentially see a shorterm bear flag leading to lower prices. Longterm we are still in uptrend but short and intermediate term trends are under pressure here and need to be respected. We should see some type of relief bounce if its light ill look to get short in a hurry.
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