Typical August summer Friday with lots of movement in the pre IB hour with subsequent settling down into value area most of the afternoon. Those seeking a 'Lonesome Highway' trade (VAL to VAH), you would have missed a 5 point trade by 1/2 point. Sell at close would have provided a 2.5 gain for those patient enough to withstand the chop.
One point of perspective, the S&P index continues to provide lower 20-day highs at a time when the index is making new highs. The peak was in mid-July. Questionable divergence since the shorts keep covering and fund managers need to participate on the long side. Just a note to consider next time you consider jumping in at the highs. TWC will continue to monitor this divergent pattern.
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