I continue to work both the preferred count and the alternate count as both remain valid at this point. I cover the progress and updated the SPX and NDX charts as well as the ES and NQ. Either count has not been easy but both remain in close contention as being in progress. Both actually suggest that additional downside should be expected with stronger drops to support in both the cash and futures markets likely. However, both the ES and NQ have opened higher which I’m sure is a result of Friday’s expiration. This week’s economic reports start on Tuesday @ 8:30 AM EDT with U.S. Retail Sales, Import Prices, and Empire State Manufacturing Index. @10 AM EDT Business Inventories.
August 13, 2023