Still Work to Do

The S&P 500 got off to a strong start to September today with a gain of 2.95%.  But the index still has plenty of work to do from a technical perspective before a new bullish case can be made.  To start, the index needs to get back above its 50-day moving average, and as shown below, the 50-day acted as a point of resistance today that just couldn't quite be broken.  For those hoping that the upside momentum will continue, it will be important to see a close above the 50-day in the next couple of days.

To find out how the S&P 500 typically performs in the rest of September following a strong start to the month, subscribe to Bespoke Premium today.

Comments

[theyenguy]

The Elliott Wave Count on the S&P, SPY, shows very bearish.

On the attached URL, I provide the details.

The S&P completed a 2 up and beginning of Wave 3 down on April 23, 2010.

Then the S&P completed another 2 up and beginning of Wave 3 of 3 down, on August 10, 2010

At the current time, September 2, 2010, the S&P is completing yet another 2 up and ready to getting ready to start Wave of 3 of 3 of 3 down.

The 3 of 3 of 3 wave is the most destructive of all waves; it will wipe out most all fiat wealth, leaving only gold and silver as tangible wealth.