Nothing going on

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.

By Dan

Author of LunaticTrader and Reversal Levels method. Stock market forecasts based on proprietary indicators, seasonal patterns and moon cycles.

Leave a comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: