magnans
Short

SPX is in a congestion phase and should restest the lows

FX:SPX500   S&P 500 index of US listed shares
In these time of uncertainty, it is very difficult to take a position on the equity markets.
I still think there is no reason to have a bigger correction than the one we have known in August, but I believe the market has to retest the lows before rallying again.
I think several scenarios/events could hit the market before the end of October. (2 possible FOMC surprises in September/October, China issue,...) I do not know where the bad/good news will come from, but we can feel the market is waiting for it, and this is materialized by the congestion/sideways market we are experiencing today.

Technically, a congestion after a fall leads often to another fall. For the Eliott's wave amateurs, remember that in a correction we have 3 waves, a, b, c. I am waiting for the c wave. I could be wrong, I do not think we can predict the future with the charts, but there is a certain logic when we look at the past (I refer to 1987             ,1998 and 2011 corrections).

So as I actually do not want to take a decision now, I'll play the retest and I would aggressively buy in the yellow zone if we hit it.
magnans
a year ago
*SEPT. MICHIGAN U.S. CONSUMER SENTIMENT AT 85.7 VS 91.9 IN AUG. - not great
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