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INDEX STRENGTH: +7
It’s the middle of summer, and not surprising to see intraday swings on low volume. The good news is that we finally got the follow-through we were looking for. Sentiment and internals continue to give us confidence. A move and hold above 4430 on the S&P 500, will confirm that the bulls are in control here. The short-term tactical index moved back up to +3, while the long-term strategic index remains strong at +4. Seasonal trends suggest we should be cautious, but solid internals keeps us optimistic.
August 3, 2021. 8 PM