To The Moon

Bouncing around the glass support 

The markets $DJIA(.DJI)$, $NASDAQ(.IXIC)$and $S&P 500(.SPX)$tried a relief rally which gave way towards the end to place them in a holding position awaiting confirmation which way to proceed. The bulls could not get the rally going amidst pressure from the bears and everyone is bouncing around the June bottom.The glass support analogy seems appropriate here. Now the question that begets answer is whether this glass floor is strong enough to take the pressure long enough for the bulls to gain strength to push forward. If the bulls propping up this floor gives way, the market might flush to the next support level. 

Technical wise, the 3635 level on the SPX holds key. However a confluence of support levels here exist and therefore there is still some degree of give. 3575 must hold or we might see 3480 as the next stop. 

It is a time where the resolve and resilience of investors are tested. There is a phrase 'The stock market rewards the patient.' It seems apt here. Emotions need to be kept in check. At the same time, there is no rush hence it is a stock picker's market. So take your choice and stay strong! I am slowly layering into positions of strong names.

Stay safe 😊