10/3/19 Since closing within 0.63% of record high
territory on September 19th, the S&P 500 has
given up 3.2% over the last 10 trading sessions
and is now only 2.5% away from its August lows.
The rising 200 day line of the S&P 500 is now
closely in line with the August lows. The August
lows are where key support should come into play
for most of the major indices. The majority are
within 1 and 2.5 percent. The Russell 2000, Dow
Transports, Value Line Geometric have already
taken out their 200 day moving averages (DMA)
while the NYSE Composite and S&P Midcap
Index have crisscrossed their DMA over the past
two days.
As we go to press, the chart pattern of the S&P
500 is still positive, despite the recent damage, as
long as the August lows continue to contain it.
Having said that, it was not a good sign to see this
benchmark average try and fail over several
sessions to take out overhead resistance in
