S&P 500 close August 29 2013 at 1638.17

August 29 2013The bulls have to be really disappointed by the move today.  The S&P 500 finished up 3 points to 1638.  From my post yesterday, I thought the market would retest 1630.  It did for all of about 15 seconds in the opening minutes of trading.  The bulls then took control and powered the market higher pretty quickly.  The bulls took it as high as 1646 before beginning to give most of it back.  As it turns out the resistance line of 1640 held and the bears clawed back the early day gains to have the market finish up fractionally and under 1640.  The arrow on the attached chart marks where the bulls gave up and lost 1640.

Tomorrow will likely be very slow and non dramatic.  I doubt anyone will want to take a substantial position ahead of the long holiday weekend.  I expect a fairly sleepy session with little volatility.  Next week we will know where we stand.  Everyone comes back from holiday and we get the jobs report at the end of the week.

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