Since there's nothing going on but chop I want to cover something else this morning, that I just find interesting. It's on the SPX chart and it's a rising white trendline from the 1929 high to the 2000 high, which is shown below...
Notice how close we got to hitting it at the 2022 high, which fell shy by about 300 points but looks really close when you zoom out on the monthly chart. Now guess what? We are again around 300 points or so shy from hitting it, so it's possible that they will hit this this time around. The first half of September is very bullish, so if there's ever a time for them to juice the market it will be during this period.
The bullish pattern is there, and still forming as we go into the end of this month, so all the bulls have to do is to keep holding the support zone until they get the right spark to breakout. That could be any day now, but it certainly should do it next week after Labor Day. Below is a close up chart of that same rising white trendline...
Notice that my Fibonnaci Extension Target (FET) is at 5982.39, and the rising white trendline will be in that zone into mid-September. Maybe it's all too obvious but it sure looks like we are going to top out into the September 18th FOMC meeting.
Have a blessed day.
