PreMarks: Labor Day.

Markets are set to open lower {as in ugly lower} on less than stellar economic data and the fact that we had such a big move in the past two weeks.  Some of us might think that they ran the markets this week and last into the end of the month.  Gotta make those statements look as good as possible!  Market was overbought in the short term so some sort of profit taking should have been expected.  Chart above shows a different look than what we normally publish here.  It shows a set of moving averages which the market {as represented by the S&P 500 ETF, SPY} is trading under.  I've also imposed some of our support/resistance levels for reference.  These lines represent resistance that the market is going to need to trade through in the next few weeks if stocks are going to move higher. 

*Long ETFs related to the S&P 500 in client and personal accounts.