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

Monday | July 27, 2020

Hello Eizell.




Thursday night, the market closed just above the 3233, the HUGE support/resistance number it took weeks to get through. This seemed like a great opportunity for the SPX to bounce, further validating the strong bull market.

Friday, however, we sank. The bounce did not come. Dragging the market lower were economic numbers, China closing a US embassy in retaliation, and TESLA and AAPL falling again. Since 3233 didn't seem like the support it should be, the market went searching for the next layer of support – 3200 in the SPX. After touching 3200.05 at AAPL's lows ($356.58), AAPL bounced from a $15 drop helping pull the market higher.

AAPL closed down only 0.92 (370.46) while the SPX closed at 3215.63. This means that 3200 is safe for now, and the market has a good chance of bouncing.


TODAY: July 27

TODAY – Higher.

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

Friday, we saw SPX 3200.05. This is a little disappointing considering on Thursday, we saw a high of 3279.99. The selling of 79 SPX points from Thursday's highs did scare many people, but this is very healthy for the markets.

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
(-0.49% so far)

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