SHORT-TERM: MORE ON THE UPSIDE
Two cents:
- More on the upside.
- Still think 08/09 lows will be revisited, unless up huge again tomorrow which according to today’s Trading Signals, seems unlikely. As for why huge up tomorrow then the low might be in, please refer to 08/09 Market Outlook for the details.
The chart below explains why more on the upside, as 2 Major Accumulation Day within 5 days usually means a tradable bottom if not an intermediate-term bottom. In addition, seasonality will be mostly bull friendly starting from tomorrow.
As for the rebound target, for now, I’ll use Diamond Bottom text book target because statistically, there’re 81% chances, such a target will be met, seems a trustworthy number here.
INTERMEDIATE-TERM: CONCEPT ONLY, THE WORSE CASE SPX DOWNSIDE TARGET IS 1,000
See 08/05 Market Outlook for more details.
SEASONALITY: BEARISH FIRST 9 TRADING DAYS OF AUGUST
See 07/29 Market Outlook for more details. Also please see 07/29 Market Outlook for day to day August seasonality chart.
ACTIVE BULLISH OUTLOOKS:
08/04 Market Outlook: Relief rally could be within 3 trading days.
ACTIVE BEARISH OUTLOOKS:
- 08/02 Market Outlook, 08/05 Market Outlook, 08/08 Market Outlook, 08/09 Market Outlook: Rebound, if any, is sell.
SUMMARY OF SIGNALS FOR MY PUBLIC CHART LIST:
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