Home > Stock Market Strategy > WALL STREET CRAPS STOCK MARKET STRATEGY – AUGUST 14, 2016

WALL STREET CRAPS STOCK MARKET STRATEGY – AUGUST 14, 2016

August 13th, 2016

craps front coverSTOCK MARKET STRATEGY FOR AUGUST 14, 2016: The stock market has reached the top of its trading once again by posting a new all-time high on Thursday. The market may back and fill for a few more days before making what I believe will be one more new high for this move. From that new high, we should see a more substantial correction in terms of price and time. That next correction will be a dip worth buying as it will likely come back to new all-time highs once again.

Key underlying short-term market indicators show the following:

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THE BOTTOM LINE:  We are in a neutral internal market, but at the top of the trading range. We can expect the market to either pause before making a new high this week or else push forward with a series of new highs on weakening strength. That should set-up a correction over the next few weeks and present a low risk buying opportunity for another ride up to new highs. So expect the market goes into a correction after a push to new highs this week that will become a buying opportunity worth betting on a few weeks from now.

Note: Another sign of a top is a key reversal on high volume where the market opens up strongly, reverses in mid-session, and then closes convincingly on the downside.

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