September S&P 500:
1. Our Thurs. and Fri. (Sept. 4-5) Sept. S&P 500 report indicated that any subsequent test and hourly close below $1989/$88 would confirm a quick tradable decline to $1971/$70 (or lower) into Friday, Sept. 5/Mon., Sept. 8.
2. Friday’s (Sept.5) session tested the $1989/$88 levels (session low, $1988.25) but was unable to close hourly below them, negating new short entry.
3. Additionally, Friday, Sept. 5 was the next important forecast daily market bottom (noted in Friday’s live meeting) and the market advanced powerfully off the $1989/$88 downside target, confirming the Sept. 5 bottom.
4. From this point forward, any confirmed breakout to all-time new highs (above $2011) will likely include a test/attempt at $2019/$21, then $2030/$31. Will message any new entry based upon those levels if the market confirms.
1. Today’s (Thursday, September 4) September S&P continues to decline off yesterday’s completion of the recent forecast $2011 upside target.
2. This is an important development and can indicate a quick decline to $1971/$70 (or lower) into Friday, September 6/Monday, September 8. No new entry is being taken as yet. Will message any new entry based upon the above if the market continues to confirm.
September S&P 500:
1. Yesterday’s (Thurs. Sept. 4) September S&P report indicated the potential for a quick decline to $1971/$70 (or lower) into Fri., Sept. 5/Mon., Sept. 8.
2. From this point forward, hourly closes below $1989/$88 are the weaker position and early confirmation of lower prices. The market is testing those levels now.
3. Although no official short entry has been messaged as yet, $1982/$80 is initial downside target/profit-taking territory for any subsequent short position. Any remaining short position should be held for a test/attempt at $1971/$70 noted in the original update. Will update.