Sunday night the market popped higher but this morning it erase all those gains, so I'm not sure what to think about it right now? I'll have to wait to see what the day brings to get a better feel for it. I will add that the Fed's have scheduled $75 Billion worth of QE going on each day until October 10th, so we might not see any new downtrend start until after it's finished. More then likely we'll be range-bound between the mid-high 2900's up to the low-mid 3000's, with some breakout to a new all time high likely before the coming correction down to the June, 2019 low (at least that's where I think it's going).
This breakout though should be brief and not hold more then a day, nor lead to some move up to 3100, 3150, or whatever the big upside targets are currently. This is what I currently see, and it based a lot on the Fed's injecting all that stimulus into the market each day, which should keep it from starting any new downtrend. If it doesn't look like it's going to hold then I should get some kind of signals saying so, and will of course update everyone.
Today however is a mystery to me. We are into a support zone from 9/5 to 9/11, so I'd lean toward an early low and a float back up the rest of the day. Then the rest of this week I'll just have to watch closely to see if any sell signals get through the QE being put into the market. Maybe one still develops and makes it until the trigger date, but I'm not holding my breath on it. Anyway, have a blessed day.
