EB Daily Market Report
Dear Members.
It's Jackson Hole day with Fed Chairman Warsh giving his speech and so far the market seems pleased, with all major indexes higher.
It's pretty much good news all around for the bulls with all major indexes above all key moving averages, and the $VIX hitting its lowest level since December of last year earlier in the session. In other words, traders are feeling pretty confident.
Should gains hold into the close it would be a good sign with only one trading day left in August as we prepare to head into the toughest month of the year.
The bulls still have some work to do to reach the recent high on the S&P of 7816. Should they succeed in clearing that level the next key level of resistance would likely be 7900. If for some reason we were to see profit taking there should be technical support just below 7680 and price support right around 7630.
I want to wish everyone a restful weekend and Tom will be back with his Weekly Market Report on Monday.
At your service,
John Hopkins