Although the trading day before Labor Day is not the most opportune time to expect price weakness or to be short, Mike Paulenoff argues nonetheless that the July-August advance in the S&P 500 is very close to completion.
Mike Paulenoff writes that if we were to construe that there is a lack of selling pressure in the S&P, then we should expect higher prices to seek out a level that will elicit sellers, and right now that target zone is 1310/13.
Mike Paulenoff writes that the Russell 2000 ETF (IWM) has shown a series of lower highs and higher lows – a sideways contraction pattern – since the mid-June lows.
In a perfect technical world, the little congestion area that has been carved out in the QQQQ since Thursday’s high at 38.98 should resolve itself to the upside in one more pop to new highs
Although overall post-May price action in the iShares Russell 2000 ETF (IWM) is a messy range-bound sideways pattern, the up-leg that started on August 10 does not appear to be complete just yet.
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