S+P 500 powerfully reestablished itself to the upside today
as overnight news that China wanted to relax the tariff war
gave the market the immediate momentum it needed,
and the market seized on that news in trading today, closing near the highs of the day.
Here's the crux of the matter as I see it tonight.
Today's sharp upside breakout back above 2900,
heading towards to Broad Pattern Resistance at 2940,
makes this a very difficult time and place to try to pinpoint what might happen next.
I am advising caution for multiple reasons.
Tomorrow is the final trading day for the month of August.
It will be followed by the long 3 Day Labor Day holiday weekend.
So much can go on in that 96 Hour span of time,
when the stock market's in the US are closed
Thus, Risk/Reward is unknown here.
If the market does something big tomorrow
then it could simply reverse it all on Tuesday, after the holiday
Trader's should take strong note of this right now.
My advise to you here is to simply gaze into the valley of the unknown, and do whatever you can,
to to avoid the very unexpected outcome, and/or severe damage to your trading account
on the other side of the mountain,... next week.
Special Updates:
Will be provided this weekend,if necessary.
THE_UNWIND
8/29/19
NEW YORK
as overnight news that China wanted to relax the tariff war
gave the market the immediate momentum it needed,
and the market seized on that news in trading today, closing near the highs of the day.
Here's the crux of the matter as I see it tonight.
Today's sharp upside breakout back above 2900,
heading towards to Broad Pattern Resistance at 2940,
makes this a very difficult time and place to try to pinpoint what might happen next.
I am advising caution for multiple reasons.
Tomorrow is the final trading day for the month of August.
It will be followed by the long 3 Day Labor Day holiday weekend.
So much can go on in that 96 Hour span of time,
when the stock market's in the US are closed
Thus, Risk/Reward is unknown here.
If the market does something big tomorrow
then it could simply reverse it all on Tuesday, after the holiday
Trader's should take strong note of this right now.
My advise to you here is to simply gaze into the valley of the unknown, and do whatever you can,
to to avoid the very unexpected outcome, and/or severe damage to your trading account
on the other side of the mountain,... next week.
Special Updates:
Will be provided this weekend,if necessary.
THE_UNWIND
8/29/19
NEW YORK