Hi Shoppers,

Well… we’re headed lower.

The S&P 500 futures are trading back below my median line which was support and is now resistance.

The median line’s validity proven once again as it was the high on Tuesday with the futures honoring it and rolling lower:

The futures are heading to the 50 day moving average at $7631.59, which lines up pretty perfectly with the lows of last week.

Below there my support lies at $7648.50 which is also the bottom of the pitchfork channel we just entered. That is my price target.

It will take a close over $7730 to negate this.

The QQQs aren’t looking any better. They still haven’t been able to break out above the resistance at $722.11 which was created by the gap low of August 18th:

The 50-day moving average sits at $711.32. Below there my price target is $706.05

Only a close over $722.11 will take us higher.

Thank You For Reading… See You Next Tuesday,

Licia Leslie