Is this the Pullback to Buy on the S&P 500?

SPCFD:SPX   S&P 500 Index
The S&P 500 just had its worst two-week performance since March, down 4.8 percent between August 28 and September 11. Is it the pullback everyone’s been waiting for? Here are a few things to consider.

First, the index just tested and held its 50-day simple moving average ( SMA ) for the first time since it ripped through that line in mid-April. It’s a pretty simple indicator, but widely followed.

Next, Friday’s low roughly was almost exactly at the 23.6 percent Fibonacci retracement level, based on the low from early April.

Third, Friday’s close was slightly above the 3338 level where the index closed on February 21, the Friday immediately before coronavirus hammered the market.

Finally, negativity remains very high with just 24 percent of respondents in the last AAII poll identifying themselves as bullish . Meanwhile, we’re likely to hear more soothing words from Chairman Powell on Wednesday.

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Oh hell yes, you're welcome to take on the reassuring words of any Chairman of anything.
Just please keep buying on that shit so that Trump can win and the other stock market bets don't collapse.
+7 Reply
@ReallyMe, So, better that the stock market doesn't collapse, but democracy does? :-D
+1 Reply
punanislayer poundingcode
@poundingcode, We don't give a rats ass about politics here. Just as long as my bank account is going up you guys can all rot in hell
solidDog81487 punanislayer
@punanislayer, Amen. We're not all suffering from Trump derangement syndrome. But for the record the only ones threatening democracy are the Dems who haven't dealt with losing in 2016 yet! Talk about projection!
The better bet is the second or third fib retraction stair step. The last bear took nearly 30 days to find the bottom, this one is going to be drawn out with Battery Day in the near term, Election Day in the medium term, and Inauguration Day in the Medium-Long term.

Disclaimer, I am brand new to playing on the S&P. I do enjoy following the S&P Debt to Equity reports, Spoiler: it is not looking good for sound money.
+4 Reply
It's not making higher highs and higher lows yet; when it does it will become a buy.
+3 Reply
Probably going to double-top and then die.

One more exhaustive move up ---> potentially new all-time highs ---> mainstream media has a bullish epileptic seizure ---> only lasts a day or two ---> rugpull ---> confirmed not a pullback ---> crash.

Only the exorbitantly greedy and incredibly ignorant will actually feel pain, so don't worry too much about it.
+1 Reply
That downchannel though...
+1 Reply
Also , looking back on 2002 bubble, the weekly candles are pretty much the same in terms of bull run and market reversal timing .
+1 Reply
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