Look for Monday’s moderate weakness to accelerate toward p=2821.50, the midpoint Hidden Pivot support of the pattern shown. It can serve as a minimum downside objective for the moment, unless the news turns unexpectedly sunny overnight. The talking heads have been attributing recent weakness to the headlines of the day concerning the trade war, but Beijing’s hardened stance toward Hong Kong protestors is starting to weigh on investors as well. We are surely living in interesting times, and U.S. stocks seem to have lost their resilience, as well as their ability to shrug off even the most appalling geopolitical news. They may get a breather if lurid stories concerning Epstein’s Pedophilia Island start to commandeer space on the front page. _______ UPDATE (Aug 13, 8:29 p.m.): Today’s Whoopee Cushion bounce looks bound most immediately for 2963.00. The mechanical buy at 2914.75, stop 2898.50, that I recommended in the chat room remains viable. Here’s the chart. _______ UPDATE (Aug 14, 2:25 p.m. ET): If the 2825.00 midpoint support shown in this chart is hit today, the Dow would be down more than a thousand points. Regardless, 2825 is my minimum downside objective for the near term. Given the location of the August 7 low at 2823.25, a print near it could set up a nice ‘CI’ bid for bottom-fishing. Stay tuned to the Trading Room if you care. ______ UPDATE (Aug 14, 9:54): Hard to believe that bears, the little woosies, couldn’t bully their way down to the 2825.25 midpoint support. We’ll sit back for now while the so-far weak short-squeeze runs its course. _______ UPDATE (Aug 15. 9:10 p.m.): The futures found precise support at the 2825.25 pivot, but bulls will need to push this brick up to 2961.25 to turn the short-term technical picture bullish. That’s equal to an ‘external’ peak recorded August 2 on the way down.
ESU19 – Sep E-Mini S&P (Last:2862.25)