What a way to start the week, worse day since June 16th. We broke right through the support level like nothing was there. I’m expecting we stay in the highlighted area for the week. Possible pop up tomorrow is the only chance we get for a green day since Wednesday is the revised Q2 GDP numbers and Thursday/Friday is the Jackson Hole fed convention. So this weak is looking pretty bearish so play puts and don’t fight the trend thinking it’s going to go up because it has gone down so much. Timing bottoms are dangerous for calls, wait for a pullback and take your shot 1 or 2 bucks OTM. As always trade what’s in front of you good luck
Comment:
Right now we have a double top on DXY the dollar and it’s on the daily. If the dollar goes down the market will go up. Keep an eye on the dollar very important right now
