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hey Traders David Frost my strategic forecast youamp;#39;re here for another episode of Common Sense market analysis today is Monday August 5 2024 weamp;#39;re looking at a daily chart of the Spy or spider which is the proxy 4 the Samp;amp;P 500 what do we have on the docket today plenty to talk about the market is in meltdown mode whatamp;#39;s the story letamp;#39;s take it from the top first letamp;#39;s go back to last Thursday so I could wipe this line off the board but 5548 thatamp;#39;s a long time ago already in points the high of day was 55487 that was a short for inside the number members live room members just to reiterate by the way on Friday they gap down below our trend line they came in for a test they bounced off the trend line they gapped below it and found support in the area that we discussed last week between 5 3307 and 52740 that was an area where you would at least get from an intraday perspective some support 100 period moving average was in there caught t