Market Analysis for the Week of 8/2
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Our decision matrix for this past week. We ended the prior week, and I suggested the key intermediate time frame 7469-7501 range had not yet been lost.
On Wednesday it was lost ahead of FOMC, with a lower low finally made to 7371.75 before the announcement. On the announcement, the key range was defended from below, leading to resolution to our next decision point. The spike down into Wednesday’s close right into this major spot turned out to be quite the mistake from sellers and triggered a retest of 7469-7501 the next day. We now find the index sitting right back at this key intermediate timeframe decision point.
Based on last week’s logic, has this range been reclaimed?
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