Morning Thoughts August 21

It was a dead day yesterday and trading ranges remain narrow and the path of least resistance up.

On the S&P 500 this might well mean we see 1440 before we see 1400 again, but at this stage in the rally one should at least have taken partial profits and remain with trailing stops.  Anything else is greedy and will in time get punished.

Hey, I didn’t invent the game I’m just a participant trying to keep the odds in his favor and emotions out of the system.

EUR/USD also looks to be breaking higher..see chart below…and would further add fuel to the rally.

 

 

 

 

 

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