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Market Lab Report - Premarket Pulse 8/28/15

Major averages rose yesterday on lower volume, closing near the top of their respective trading ranges. Virtually all formerly leading stocks are sitting within broken chart patterns, and over the past two days have merely rallied back up into areas of potential overhead resistance. Thus the long side of this market remains questionable.

The US economy grew at a faster 3.7% annual pace in the second quarter, up from the initial estimate of 2.3%. Oil soared 10%, its largest gain since 2009. The Fed may now have more room to hike rates at its next meeting, but the global economy remains in a quagmire with the recent global turmoil in China's markets, thus the Fed may postpone the hike. Indeed, futures telegraph the probability of a rate hike in September at just 24%, down from 51% a few weeks ago. Expect a continuation of elevated volatility in the near term.

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