Compared to some recent days, yesterday proved rather quiet and somewhat uneventful (other than a higher intra-day high) as prices seemed to chill after the recent parabolic move. I hear different reasons as to “why” this move is not over and will explode further from the fundamental folk out there- which quite honestly, I could care less as I focus on the market price moves which entail the fundamental perceptions as a whole not the narrative that some folks are trying to define for what ever reasons (perhaps it is group think– they can’t all be wrong — right?). As discussed, this time of year (Labor Day and the weeks around it) has some historical weakness to it but perhaps this year is different — we shall see. One element I would advise is ignore the narratives out in the market and continue to base trading on technical developments. The market is still not over-bought on a weekly closing basis but is starting to show some exhaustion.
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
