Dull Market Ahead

August is typically a slow month and we have overhead resistance.

PRE-OPEN MARKET COMMENTS WEDNESDAY – Tuesday the SPY challenged major resistance at the 200-day MA and it was smacked down from that level. That should be expected on the first attempt after a 500 point S&P 500 rally in the last month. Yesterday the market filled the gap down after the FOMC minutes and it was smacked down again. This is a lower high and it suggests profit taking.

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