Whilst equities continue to battle to find a floor in the sp'2040s - with VIX 17/18s, the current weekly candle is confirming the original outlook that the market will see increasing weakness into September. A break of the psy' level of sp'2000 now seems an absolute certainty within 1-2 weeks.
*the gap zone of sp'2076/79 is an obvious target in a bounce... and with the 200dma around 2078... that is now a prime target for next Mon/Tuesday.
Another weak hour.. breaking new lows...
Regardless of how you might want to count this nonsense.. today feels like a pre-opex capitulation. Even if tomorrow sees another minor wave lower... Dow 17000 will likely hold... and then we claw higher for a few days next week.
For now, I sure can't go long - despite an anticipated bounce. So... I'm stuck on the sidelines.. until next week.
I suppose it could be worse... I could be long DIS.