Up and up we go.
No big news over the weekend other than more scandals in Trump Land – but what else is new over there? As we noted on Friday, the Dow is still miles away from retaking it's February highs so our attention is currently focused on the S&P 500 at the 2,850 line, which is 30% over the Must Hold Line at 2,200 and our February high on the S&P was 2,872.87 on Jan 26th but, sadly, two weeks later (Feb 9th) we were back at 2,532.69, a drop of 340.18 (11.8%) in 10 trading sessions.
The volume on SPY on the way down was considerably heavier than what we have been getting recently and it's a good idea to do a quick comparison:
|Aug 17, 2018||283.83||285.56||283.37||285.06||285.06||65,567,700|
|Aug 16, 2018||283.40|