As we discussed in last week’s video, the game plan this week was to balance two opposing perspectives and timeframes.
Going into the beginning of the week, on the short-term timeframes the buyers were in control however the major indices were still trading with full-timeframe alignment to the downside.
In boxing, they say it’s the punch you don’t see coming that knocks you out.
It took until Thursday until sellers were finally started to wrest control back from the buyers.
On Friday while markets were pricing in comments from Powell, Trump threw the punch that no one expected and the markets reeled from that unanticipated tweet breaking the indices significantly lower while filling a number of unfilled gaps putting June’s lows in play.
Even with all the heightened volatility, the major indices still closed as an inside week which now sets up a very potentially volatile scenario this coming week.
Watch the Weekly Outlook video to see the levels we’ll be watching on Monday.
In this week’s video, we look at the technical outlook for the VXX VX! SPY SPX QQQ IWM DIA EEM TSX TLT GLD BTCUSD TOTAL UKOIL EEM ADBE FAS YNDX MSFT ORCL AXP PYPL WDAY ZEN VMW CAR AAPL RH for the week of August 26 – 30, 2019.