MONDAY: This morning looks as if it may be the big sell off that many had been looking for. The brave among them will be stepping in to buy if down volume is large, as the S&P 500 looks to join the DJIA in official 10% correction territory if the futures drop is maintained.
TUESDAY: After moving another 550+ more points away from its high, and after Shanghai falls another 7% overnight, the futures are threatening to recover most of yesterday’s loss. Well that makes sense if you hold your breath for 5 to 10 minutes.
WEDNESDAY: Very disappointing session yesterday as the final hour saw to it that 400 points of gain were lost and then added another 200 to that. This morning, more losses in China overnight, although relatively modest. However, our futures are looking to regain yesterday’s loss, but no more than that.
THURSDAY: The real surprise this morning has to be that the futures are higher after closing nicely higher yesterday, especially given the magnitude of that climb, which leaves the S&P 500 only 1.5% in the hole for the week. Today is the latest GDP release and the beginning of the Jackson Hole meeting, so we’ll see what legs there are and what stomach there is to challenge earlier weakness
FRIDAY:. Two in a row. Jackson Hole concludes today, GDP moving higher, a is China this morning. In the very early futures the market is down by triple figures, but can you blame it? The finish to this week will have lots to say about what we may be able to expect as September gets set to begin.
“SNEAK PEEK AT NEXT WEEK” APPEARS ON FRIDAYS