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Prepared by and Scott
Writing under the nom de plume of J.L. LORD

Monday | July 13, 2020

Hello Eizell.




All last week, the market attempted to run to SPX 3185 and beyond. Out of 5 trading days, there were four close calls, but each time the market got smacked down.

The Chicago Bears use to have 4 plays before they finally won the Super Bowl.

  1. Walter Payton sweep right.
  2. Walter Payton sweep left.
  3. Walter Payton up the middle.
  4. Pun.

Last week, the market did the same play book.

  1. Open lower.
  2. Climb back to unchanged.
  3. Attempt to pass 3185.
  4. Fail.

Friday was the same thing except we finally saw an SPX close of 3185.04.

I have been saying for 2 weeks now that we will have problems at 3185, and then when we finally get though it (which looked doubtful when testing 3100), we will fly to 3200.


TODAY: July 13

TODAY – Passed 3185 on Friday, now test 3200.

LONG TERM – NEW ALL TIME HIGHS (possibly), and then a NASTY trade war sell-off – probably after the election.

We should test 3200 today. MOST of the time, we will hit it and fall, or pass it and fall. Rarely do we close above it the first time. If we do close above it, we will test 3233 before falling again.

I am still standing by my prediction (made December 31, 2019) that we will be positive for the year and making new all-time highs by the end of the year. I maintained this stance even when the SPX was down -35% for the year.

S&P 500 Price Limits

From 8:30 a.m. to 2:25 p.m. CST, there are successive price limits corresponding to 7%, 13%, and 20% declines below the previous trading day’s reference price.

From 2:25 p.m. until the 3:00 p.m. CST close of the cash equity market, only the 20% price limit will be applicable.

Average year with lots of intermittent volatility
(-1.42% so far)

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