Really hard to predict the market. 3900 can hold, but also might break through. Recently many Fed officials are out there, talking down the market with the comments of higher rates needed and need to hold high rates for longer. Brainard came out and talked about this today as well. But what many may not noticed is that she also mentioned of risks becoming two-sided during the tightening cycle. This means she also have fear about over tightening. This coincide with the recent FOMC minutes. So while many Fed officials are talking down the market, claiming high rates, longer period, but do they really have the resolve to do it? There is no need to guess. During Sept FOMC which is 2 weeks later, the dot plot will be reveal. We will know how many Fed officials are really hawkish or fearful of over tightening. By that time, we can more easily guess if 3900 will hold, or break downwards. For now, just observe the next week CPI and wait for Fed dot plot. No hurry to take action.