Monday's Wrap-up

Sunday Futures / Monday US Session:

The market opened with a slight hangover stemming from Friday's recovery. This was most evident within the Nasdaq-100 futures, which ended up losing the 5900 handle fairly early on Sunday evening. However, the bear party soon ended, as is often the case, and not only did it manage to turn itself green, it rocketed much higher, all the way up to 5933.50 in fact at around 3am (EST).

After a small retracement throughout the rest of the night, it soon regained its luster and looked poised to shine early on during the US market session; however, the bull parade was not to be, and it didn't take long before a swift descent seen it tumble all the way down to 5870 at around 10:35am (EST). Last Thursday’s low around 5850 has yet to be challenged and will be key going forward.

Although the Nasdaq-100 tried fighting its way back up after it's quick descent, which is no surprise as the whole inevitability of "Buying the Dip" continues to remain a winning bet, it's strength is definitely waning, as it couldn't quite manage to get its head back above water, which is now the 5900 level; support clearly turned into resistance.

While the DOW ended up putting in another new all-time high, it doesn't seem like it'll last much longer. Reason being, the Nasdaq initially lead the market lower in June and then higher in July, and now, it looks to be wanting to lead the market lower again in August.

With record low volatility, a 5% correction that seems to never want to come, combined with seasonal weakness finally arriving and a White House in turmoil (Anthony Scaramucci already canned), it seems bears may finally have their day. Of course, Apple (AAPL) earnings after the bell tomorrow will make this come much sooner, or a little later.