US Market Weekly Outlook - Week 1 Aug 2017

Welcome to the first week of August 2017!

Time flies! We are already in the 8th month of 2017 and so far, the US Market has performed exactly what I predicted it to every step of the way and all the predictions I made on 1 Jan about 2017 has unfolded exactly the way I expected, including last week.

Last week ended a small sideways, bearish inclined week exactly as I have predicted it last Monday morning with the S&P500 closing a mere -0.10% lower. This was what I said last Monday morning:

"Well, after 2 weeks of strong rallying with a total of over 60 points and over 2.5% gained on the S&P500 in just 2 weeks, the market has come to a point of being short term overbought and is now in a place where the inclination would be sideways, a very small positive week or a very small negative week."

However, I also mentioned on  Friday that the market looks teetering on the edge of an intermediate correction.Yes, I still think that way because this is a very healthy looking primary bull trend which goes into an intermediate correction every about 4 months so far. And its been 4 months since the last intermediate correction back in March 2017.

That along with the recent very unstable and uncommitted behavior of investors going in and out of bonds every other day makes it very possible for the market to go into an intermediate correction at this point. But I do not expect the intermediate correction to be a sharp one should it happen but rather the kind of dragged out -50 point-ish kind of gentle correction like we have seen over the past year so far. This could come on the back of poorer than expected ISM index Tuesday and Jobs Report Friday this week as both economic indicators are due for some pullback after months of phenomenal showing.

In line with this outlook, me and my Master's Stock Options Picks subscribers also took a nice 48.6% profit or $715 on 5 contracts of SPY's call options last Friday, on top of the 35.5% profit we took on QQQ call options last Thursday. Did you profit from this last rally like we did? Join me for just $1 now!

For now, the market turns a short term neutral trend within an intermediate and primary bull trend.