8/20 Daily Plan: SPX trades at 22.5X Forward P/E (High was 25X during Dot Com Bubble)

Is 6K SPX Possible?

Commentary:

We’re finally putting in a consolidation/mildly red session across the S&P 500 and Nasdaq-100. I characterize today’s market session (so far, as of this post) to be extremely healthy and helps the market consolidate its recent advance.

Profit-taking and normal retracements help to reset momentum indicators on shorter timeframes so that they a…