The market has been in a "back and forth" pattern in this light volume August market. Many senior traders and managers are taking their last vacations for the summer.
The trading programs like to churn the market back and forth, taking down the undercapitalized speculators, probing for signs of weakness among the funds.
As we are on key support we'll see if they can bounce it tomorrow. If they cannot then things may get interesting quickly, probably next week. We'll assume that something big is boiling over behind the scenes and the calls are coming in from the watering holes in the Hamptons.
"Pride is the first sin, the very negation of humility, and of the devotion and sacrifice of the Cross. Greed and indifference to others, lawlessness and betrayal, are the daughters of Pride, the father of all sin. The unsustainable will not be sustained. God's wrath grows fierce. Nemesis awaits. Pride and its sins are the chains that imprison Satan and the damned in their hell." Jesse, Resist the Daughters of Pride, March 2024