Morning Thoughts August 29

Another unchanged day yesterday in stocks as a whole.

Not much to report as such, so let’s look at the immediate term swings to see where we may have some reference levels to lean against and target for…for those that deal with the near-term time frames;

For the S&P 500 A break below the 1405 area should target 1398 and then possibly 1390ish.  A hold below 1400 may get us to 1375 for now

On the other hand if we canhold the 1405 area its 1420 as the next upside target and after that potentially 1440.

It is the last week of August, so lets be extra careful and likely stay out of the market entirely on Friday.

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