~~ Market Signals ~~ Markets closed near at pivotal supports: Qs 46, SPX 1283, Dow 11450, Nasdaq 2350, with negative divergences on daily price actions. Trading below the supports confirms that markets will trade lower going into the early Sept cycle pivot.
SPX traded in narrow range with light volumes going into Sept. Daily price actions show negative divergences, however, SPX traded above downtrend from 5/19/2008 and closed at the DT support, 1283. This is suggesting that SPX will trade to SPX 1350 +/- which is the upper downtrend resistance. Breaking above 1400, a confirmation, is setting up bullish scenario trading to 1500 +/-. For ST, anticipation of trading near to 1400 is reasonable.
Ref: SPX is trading in down-channel with 1330 +/- R is a LT resistance as noted on post 10257. SPX will trade to the target going into Nov election; however, markets are trading at “pivotal junctures” with early Sept market turn. Markets were trading up in low volumes, thus, selling into early Sept turn to rally into Nov would be ideal. Good luck
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