September is typically a bullish month, but only by a small margin. 52 percent of the time we'll expect a rise in this month, but so far this is playing out - compared to October which has a 68 percent chance of being bullish from the beginning to the end of the month. Additionally, if the market falls in September, there's a 76 percent chance it won't fall more than three percent, and October has an 88 percent chance the market will not fall more than three percent.
Here's the SPX chart for September 21, 2018
I highlighted the current range for the market in gold. This puts support at 2915 and resistance at 2965. Since it just broke up into this range I'll see if it sticks - usually three trading days.
I am holding on to the neutral to bullish sentiment as the Stochastic FAST K and D lines are above 75. Since price has been rising four a few days I wouldn't be surprised to see a retest of support.
The Near-Term line has hit 80 plus twice now, but has fallen back. I like to see it rise above 80 for 3 to 5 consecutive days. Since this is not the case, I will not be surprised to see some see-sawing back and forth, but still remain neutral to bullish on price activity.
I hope this finds you well and is helpful. Thanks Rosa for the request for a market update.
Craig
3 comments:
Hi Craig,
Thank you for the update.
Hope 2% drop for the NASDAQ, is a buying opportunity.
Keep on coming with your updates when you find the time. Thanks.
-Serene
Nice to see an update from you Craig! We're looking at doing a VIX spike trade in SPY today...
Craig, please give us an update on how you are doing! I did my VIX Spike trade this morning...it helps to do that when the market is plunging and you are staving off panic! :)
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