Mojo Is Nowhere

This is a market that needs to bounce a lot higher than it has. It is still below the 50-day moving average and is trading heavy. The least it could do if it had any mojo at all would be to close the gap at 1656.78.

Today is the last summer Friday and the start of a holiday weekend. One would think given EOM markup and pre-holiday seasonality that it could get the job done. There is also enough data coming out. Three releases: personal income which came out at 8:30 ET and was down; Chicago PMI at 9:45, and consumer sentiment at 9:55 ET. Then maybe we can cut out early. Or not.

Consumers account for more than two-thirds of the American economy. Spending barely increased. It went up a measly .1% last month below estimates for .3%. The increase in spending exactly matched the growth in personal income. So the consumer is pretty much nowhere.

Price is nowhere, too. Today it should get above 1643.33 if it wants to avoid slipping further to possibly 1630.88. A break of that level would leave behind a three-wave corrective structure which would suggest that the decline from 1669.51 was extending to 1617 or 1600 or worse.

Yesterday the level was 1644-1645 that the market needed to break above and hold. It didn't.

The only time I like nowhere is when I'm way off in the middle of it . . . somewhere.