SHORT-TERM: MORE PUSH UP AHEAD
The big picture, the market chose to go the 3 push up route, so the next watch point is the Aug 31 highs. If decisively broken, then there’d be a lot room on the upside. But before that decisive breakout, I’ll maintain my forecast that the Aug 9 lows will be revisited.
The short-term, should be more on the upside, the reasons is never was a Major Accumulation Day exactly the market top.
Based on the evidence above and the recent pattern after ChiOsc rose too high, the chart below is my wild-est-est-est guess for the next couple of day.
INTERMEDIATE-TERM: SPX DOWNSIDE TARGET IS 1,000, THE CORRECTION COULD LAST 1 TO 2 MONTHS
See 08/19 Market Outlook for more details.
SEASONALITY: BEARISH SEPTEMBER
See 09/02 Market Outlook for September seasonality.
SUMMARY OF SIGNALS FOR MY PUBLIC CHART LIST:
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- * = New update; Blue Text = Link to a chart in my public chart list.
- UP = Intermediate-term uptrend. Set when weekly buy signal is triggered.
- DOWN = Intermediate-term downtrend. Set when weekly sell signal is triggered.
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