The equity indexes are moderately lower, but as ever, there is absolutely no reason why such declines will be sustained. Low volume algo-bot melt looks likely into the late afternoon, with significant probability of upside across Tuesday. Near term target remains sp'1715/25.
Quiet start to the day, and I am indeed wondering if August is to be written off for the bears too ?
The micro-wave count would suggest we max out tomorrow, but what is going to motivate the market significantly lower this month? Will it simply be exhaustion from the sp'1560 low?
Weekly charts are again a touch weak, with a blue candle to start the week...
The thing is, in most previous cycles, we'll have 4-6 blue candles of 'chop' before an actual break down. So, it might be a frustrating August.
As ever...one day at a time.
*I am content to sit back until late Tuesday morning, and see where we are then.