Today is the day that we watch the market with great focus.
If the market closes @ the high of the day, then the odds favor a rally into the end of next week. We get out when we hit an overhead moving average. The day for the exit could be Tuesday, August 16 or Friday, August 19.
Watch the end of the day.
There is a possible inverted head and shoulders pattern this week on the S&P 500 Index. If confirmed by a close above Monday's top, then we should be looking @ the 1250 level as resistance.
Today is key. The earlier days this week were less important from a bullish perspective. If the market should close at its lows today, then I'm out.
Later.
Your on the road writer,
Wink
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