As I had suspected back on 7/29/2026, prices did complete a capitulation day. The market has now rallied strongly for four straight days. A measured move up gives us a target just above 7700.00. That does not mean the rally will end there, but that would be a good place to take some profits, just in case.
While all the talking heads were saying the market was about to crash on that big bearish day last Wednesday, the daily chart and Envelope Bands were hinting that prices were oversold, and a bounce was probably coming. 🙂 There have been four days of strong higher closes and today looks to be the same for now. The trend and bias are up and up strongly. Just know that a target is fast approaching and some consolidation or even a pullback might come at that 7700.00 price level.
I appreciate all of the notes and emails regarding the passing of my mother. We had her funeral yesterday, so now I have some closure and can begin the healing process. I do have some peace about her passing as I know she is no longer suffering. Thanks again to all of you for helping me through my loss.
