Nothing going on
Posted by Danny on October 24, 2016
The S&P 500 is more or less where it was in mid July, and except for a few volatile days in early September the market has hardly moved.
Some people will blame it on the upcoming elections, but this kind of go-nowhere periods also happen when there are no elections. One thing is clear: this too will pass, we just don’t know when.
Let’s have a look at the current S&P chart:
Stocks appear to be trying the upside again after holding the important 2120 support. But it is not a convincing rally attempt so far.
The S&P is in a mild down trend channel (grey lines) and how it emerges from it is likely to decide on the next major move. All we can do is wait.