With the market’s deteriorating action this week, it is on a tender footing as it faces the seasonal headwinds of September and October. 

The across-the-board violations of 50-day moving averages among the major stock indices was there for all to see… 

With the summer session drawing to a close on Wall Street, my general observation is that it has been a constructive period. 

There were no grand revelations or big surprises in Fed Chairman Powell’s comments last Friday, but in reading between the lines, it may be that investors sensed that the Fed is concerned that Biden Administration policies could fan inflation. 

“Much ado about nothing;” that may be the case this morning from the Fed speech out of the Jackson Hole Summit. 

Some sectors are thriving in this inflationary environment and with the stock market likely to remain fenced in a trading range for weeks to come, I think this further puts the spotlight on… 

With Labor Day approaching, this is a pretty heavy vacation period and this is being reflected in the market. 

Yesterday’s sizable decline among the major market indices brought them to within close proximity of my upwardly revised upper support levels.