Volatility and unexpected news are the name of the game during the summer doldrums. As the dust settles down somehow, the scenario we envisioned at the end of the month of July is still valid, i.e. a development of a large trading range after the completion of an ascending triangle and its swift breakdown (see chart attached). In summary, we expect the stock market to swing between the 2880-2900 area and the highs set up in the vicinity of the 3000 mark. Yesterday, the news on tariffs took out market participants by surprise and forced short sellers to cover quickly their bets. Systematic traders following trend models are going to get churned in this kind of environnment and our model based on different approaches provides its full value.