Midday Update: 2023-09-02

First trading day of the month

S&P 500 has been choppy this morning finding a way to a day session before noon only to quickly reverse those gains. My primary thesis is that since most of the important econ news for the week starts tomorrow, I’m inclined to allow SPX to be range bound today. If wave [IV] becomes more complex, we could see a (B) wave low this afternoon around 4257 or …