Sunday Prep 8/29 - $SPY/$ES And the Ascend Continues

Aug 29, 2021

And the ascent continues. The grind up has really just become mechanical at this point. Dips are very controlled and cause no real reason for longs to panic and if there are any macro shorts left then they are all just being slow-cooked to death at this point. The more this continues, the more I begin to feel like the only way this ends is in some sort of parabolic speed up. Until then, I think it’s business as usual. Support below is the 20d followed by the quarterly pivot at 4400 and after that you have the 50d. Above there isn’t much resistance other than the monthly up at 4543.75. If and when we eventually do speed up, there’s no need to pick a top. Those blow off moves always have very distinct characteristics that make it so there is no reason to step in front of them until the author TELLS you it’s time