Wk30: Market Recap

3 Aug

We saw a tug of war at these levels which was confirmed by the breadth, staying inside 3:1 all week long on the close of the day. We put in a spinning top candle pattern on the weekly bar and two inverted hammers on the daily SPY.
We have two support levels on the S&P500, the 975 level and 945 levels. If/when a pullback occurs; watch how we act around these levels. If we blow right through them then it will be a sign to get out of longs, however if we come down to these levels and chop around watch for volume to be your second indicator or exit or hold.

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