Market Should Tread Water This Week - Speed Bump Ahead On Aug 12th

One Option Trading Blog http://ift.tt/1MI6Fc9 Last week the market bounced off of the 200-day moving average ahead of the FOMC statement. Traders were expecting dovish remarks and they got it. Follow-through buying pushed us above the 100-day moving average. That support level has been tested twice today and it is holding. ISM manufacturing came in slightly below expectations today. ISM services, ADP and the Unemployment Report will be posted this week. All of the numbers should be in line and a "Goldilocks" jobs number (220 K) should attract buyers. I'm not looking for a big rally. Resistance is strong and gains from this point on will …