Good Morning Traders
Indexes continued net sideways to up into Tuesday as we anticipated with Daily charts being net Bull.
Tuesday-Thursday is the high probability TIME target to complete the Daily and Weekly highs 8. The Daily momentum made is BearRevs Yesterday (Wednesday), if the indexes are sideways to down today, the 13 ema, should also make a BearRev signal, the initial confirmation the daily /weekly highs are complete.
Morning Market Call 08102016
I am not expecting much the remainder of this week. While that could certainly change, there are no indications of anything exciting in the works. I’ll reiterate my belief this is a time to have long volatility positions as a hedge in the event markets do turn.
The indexes have already made a minor Pattern Reversal Signal the top is complete (see the ES 60m below),but must trade below the Aug. 2, potential W.4 low ($ES_F) to confirm.
Daily Chart
Join our chat room, for more market updates.
Good luck trading
IKE
