With Aug. 15 looking like a breakout the next day was a complete reversal and the index has still remained under a resistance level 4812 area. This is summer trading with volume being low consolidation is likely to continue. It will be interesting to see if the market continue to see new highs for the reset of the year or we see a big dip (a 10% correction) as everyone is anticipating this year. The economy is doing well as shown with the earning estimates beating expectations. Another reason for the markets move higher this summer was the upward trajectory in oil and gas prices.
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