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Sunday, August 04, 2024 10:13:01 AM
By: Marty Armstrong | August 4, 2024
So far, so good. In the NASDAQ, the peak was on the 10th, the Russel 3000 on the 16th, and the Dow peaked on the 18th. The S&P500 also had the July high but on the 16th where we had a Directional Change. Sepetember still appears to be a wild month in many markets. so pay attention right now. The major support in the Cash S&P 500 lies in the 5050-4950 area. Last week was the Directional Change, and this coming week of 8/5 is a turning point, so we may have a temporary low.
Let's see but it appears that we could have a bear trap forming with a plunge into Monday but then a bounce. Monday would be a 3-day reaction plunge. There remains the risk of a bounce and then a more serious pattern forming in September.
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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