{"id":14618,"date":"2019-08-30T07:30:50","date_gmt":"2019-08-30T11:30:50","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=14618"},"modified":"2019-08-30T07:30:50","modified_gmt":"2019-08-30T11:30:50","slug":"yesterday-was-no-big-deal-either","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/yesterday-was-no-big-deal-either\/","title":{"rendered":"Yesterday Was No Big Deal Either"},"content":{"rendered":"

We’re finishing the week a little different from how we started it.<\/p>\n

Last Saturday<\/a>, following Friday’s big stock market decline, we took a look at the S&P 500 and figured the 3% drop in one day was no big deal. The index had simply pulled back from resistance on the chart and was testing support.<\/p>\n

We guessed that if support failed, then stocks were in for a tumble. But, if support held, then the S&P was likely to bounce back up towards the resistance line on the chart.<\/p>\n

Well… as it turned out… support held, and the market bounced. The S&P closed yesterday nearly 80 points higher than where it closed last Friday. That’s a big gain for just four trading days. But, once again… really… it was no big deal.<\/p>\n

Here’s the updated chart of the S&P 500…<\/p>\n

\"\"<\/p>\n

The index is still stuck inside its monthlong trading range. All that has happened this week is the S&P has bounced off of support and is now challenging resistance. It’s the opposite of the condition we looked at last Saturday.<\/p>\n

So, where do we go from here?<\/p>\n

Once again, we’re looking at two possible scenarios…<\/p>\n

If resistance holds, and the index turns back down, then we’re probably going to test support again. And, like the little kid jumping up and down on a frozen lake, the market might just break the ice on this next test.<\/p>\n

But, if the market can break through resistance on this current attempt, then we’re likely to see a very fast rally up towards the 3000 level (or maybe a bit higher).<\/p>\n

There’s probably not enough energy stored up to fuel a rally to new all-time highs (above 3025). But we could certainly get a fast move higher that punishes all the folks who’ve been loading up on put options<\/a> and helps to shift investor sentiment from bearish to bullish.<\/p>\n

I’ve been arguing for an upside breakout from the current trading range. And I still think that’s the more likely scenario. And I also think that will set the stage for a more meaningful decline later in September or October.<\/p>\n

We’ll talk more about that possibility if and when the breakout rally unfolds.<\/p>\n

Best regards and good trading,<\/p>\n

<\/p>\n

Jeff Clark<\/p>\n

P.S. <\/strong>Before I let you go, one last thing…<\/p>\n

I recently uncovered something strange about the gold market. I can’t give away all the information now, but what I found could be a way to make 5 to 10 times more on gold…<\/p>\n

Like I said, I’m not quite ready to reveal what I found just yet… But I want my Market Minute <\/em>readers to be the first to know. So keep an eye on your inbox next week for my announcement.<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re finishing the week a little different from how we started it…<\/p>\n","protected":false},"author":37,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-14618","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/14618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=14618"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/14618\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=14618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=14618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=14618"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=14618"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=14618"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=14618"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=14618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}