A Relative Lull Until Jackson Hole

Sure, we have headlines out of Hong Kong and plenty of the usual trade war buzz in the air, not to mention an apparent full slate of earnings again this week. However, as to the latter point, we have already gotten through the overwhelming majority of marquee firms reporting earnings. And as to the former points, the macro news flow is likely to give us a relative lull from now until the annual Economic Symposium in Jackson Hole, Wyoming, with a theme of "Challenges for Monetary Policy," which will take place August 22 - 24, 2019. 

That Jackson Hole event is typically the pre-Labor Day focal point for markets.

But until then we look at this morning's weakness and see if bulls can adequately defend Friday's lows on the QQQ ETF, seen below on its updated 15-minute chart. If $185 holds here and bulls get a bounce going above $186 it may redeem all of the contrarians who loaded up longs due to recent investor sentiment quickly shifting negative. 

For now, we have a soft Monday open, albeit with some impressive individual biotechs (outperforming for a change), which we will run through with Members.