magnans
Short

SPX is in a congestion phase and should restest the lows

FX:SPX500   S&P 500 Index
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.
*SEPT. MICHIGAN U.S. CONSUMER SENTIMENT AT 85.7 VS 91.9 IN AUG. - not great
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out