Last week of the months, and $SPY showing some strength ahead of the Jackson Hole meeting. Many still eager to hear any sign from the fed regarding QE3, but this news should fade soon. Last night, China closed on it’s 2009 lows, making the commodities pop this morning a must watch in my opinion. If they can hold, then this morning pop is sustainable, if not, we may be heading lower sometime during the day.

Many eyes are on hurricane Isaac. I am just hoping that it will lose it’s strength soon, since the last thing the southern states need is another nightmare. My prayers have been going to all of them lately.

$SPY 1st support is 141.66, 2nd support 141.05, and 3rd is 140.62.

$SPY 1st target is 142.26 , 2nd is 142.71 3rd is 143.55, and 4th one just for fun is 144.10.

Trade what you see not what you think.

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