Seth Golden:Bullish Price Action Anticipated Until Mid-Sept
Last 10 years, $S&P 500(.SPX)$ up 8 days in a row 4 times, very rare.
Each time it took a breather the very next day, with average loss of 0.47%.
Not the end of the world, having said that, $S&P 500(.SPX)$ McClellan Oscillator just under the Savvy Overbought level. So we'll see?
@SethCL @MarketCharts
Rally triggering Overbought/Overextended conditions. Bullish confirmation % age of stocks above 20-DMA (fast moving avg.) is above 80, key threshold. Usually don't stay up here too long. Tactical froth in the works. Other indices not as frothy.
@SethCL @MarketCharts
Bullish price action anticipated until mid-Sept. Final 2 weeks of Sept. are WORST weekly returns of calendar year since 1957 (~GS)
Why is this pattern so consistent?
End of fiscal calendar year, revenue reporting distortion seasonality.
@SethCL @MarketCharts
$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $SPDR Dow Jones Industrial Average ETF Trust(DIA)$ $iShares Russell 2000 ETF(IWM)$ $E-mini S&P 500 - main 2409(ESmain)$ $Apple(AAPL)$ $Alphabet(GOOG)$
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- bkachua·08-20Great article, would you like to share it?LikeReport