Prices closed the Holiday shortened weak on minor strength and nearly on the 50 week SMA and the 10 week SMA. All in all, prices managed to firm after the technical destruction from the July expiration. We are back into the common range that the market has found such comfort for the last few months. Seasonal history tell us to expect more weakness in the coming weeks as the Q3 is notorious for setting a low (usually around the Labor Day period), but this year seasonal highs and lows have not favored historical norm and we can’t rule out the lows of July expiration being the Q3 lows. Tread cautiously in the coming weeks.
Monthly Continuous
Major Support: $1.484-$1.44, $1.336 Minor Support: $1.527, $1.66 Major Resistance: $1.723, $1.864-$1.896 Minor Resistance:$1.759
