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Daily Reflection: 08.05

This week we have been trading within the value area each day resulting in complete chop. Looking at a daily it’s clear that we are in a period of consolidation. The more we move sideways after a gap the more likely we are to break in the direction of the gap once the consolidation is over. Therefore, we are looking for a resume to the trend and move higher. Tomorrow’s Employment Situation is the big news at 7:30 CST so…

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Daily Reflection: 08.02

Given that we hit our 1122 target on the S&P. The next expected pullback level would be 1187, however since we traded back at a 50% level of 1085, we have another unfilled target at 1134. The longer term bullish line in the sand will be 1078, bullish above, bearish below.

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Wk31: Market Forecast

The S&P is at a great level to put on positions, both to the long and short side. It is not clear yet whether we have double topped, or if this is the stat of an uptrend. Both have developed, but neither has broken out to confirm its trend. In situations like this it’s best to start the week delta neutral and add/subtract positions as the week progresses. Our unfilled targets on the S&P are still $1122. News announcements for the…

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