Discussed yesterday the old adage “if markets don’t go down when there supposed to, then they will go up”– no doubt about that yesterday. The third quarter low is likely in and similar to last year it was in early July, off of the Independence day weakness. We are now entering another period of historical seasonal weakness (either side of the Labor Day weekend)– but not expecting a major correction like last year (nearly a dollar decline from Aug 28th to Sept 21st). Will discuss the target for the declines later in the week or over the weekend. Want to evaluate the weekly charts on volume, open interest, and the Bollinger bands after this week’s continuation of the break out that started last week.
Major Support: $4.378, $4.211, $4.156, $3.92, $3.821, $3.722, $3.58, $3.538-$3.511, $3.385, $3.368-$3.316, Minor Resistance:, Major Resistance:$4.66, $4.706-$4.728, $4.779, $4.904
