Pre Market Gaps, AUG 8, 2024

Pre Market Gaps

Author

Brother Bill
August 08, 2024

We can breathe for a second here, no telling if it lasts. Yesterday the shorts piled in HUUUGE………. Stocks, Options, Futures, all of the above…. So what that means is we have room for more volatility and the flip side could be a great short squeeze if we get one in the next week. Rate cuts for SEP are almost a lock, an emergency one right now is what they are betting against.

Over night trading was volatile right off the bat, the shorts added in the “overnight” also. I’m going to show 2 charts this morning. What you should notice is that I have added the 200 day SMA to both of them. The 200 is the green line, that’s where prices are currently. Dead in the water we’re not, back to ATH’s this year will not come easy as it took us over 10 months to establish the last ATH we just enjoyed from the last time we dipped below the 200.

The Pre Market Gap Up list today shows some strength with a few known names beating earnings.

We here at investingwithfaith.com are not looking to go rush out and buy up on discount. We are monitoring positions with extreme caution. The next level of Support for the S+P 500 is down at 4950. Times like these are part of why it’s so important to use STOPS. They matter. It’s time to grind….

Invest Wisely, live charitably and be well

Brother Bill

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