Still stuck - Market Analysis for Aug 7th, 2017

Aug 7, 2017 - 3:45 PM EDT

The market continues to trade sideways in the same narrow range, not yet breaking out to a new high or rolling over to new local lows. Price has been drifting slowly toward the upper end of the trading range though, so it does seem like new highs is the path of least resistance currently.

If a new high is seen from here as an extension of blue wave 3 or red wave circle iii, then 2488 - 2501 SPX would be the next fib target region above. Otherwise, a break below 2459 SPX is needed to open the door to sustained downside and anything more immediately bearish at this time.

$SPX - Micro - Aug-07 1245 PM (1 hour)

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

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