I expect the S&P 500 Index to push up to 4550-75 into Wednesday-Thursday of this week.
My comments from last Friday’s note are still something which guides the near-term technical view- “Until … 4367 is broken, then a minor 2-3 day drop is still something to buy into for a push up into 4575 in early September.”
DeMark indicators show an interesting confluence up at 4575 which is a target based on several different methods, but happens to line up with DeMark TD Propulsion resistance.
Moreover, Demark TD Combo 13 countdown exhaustion will line up potentially by Wednesday of this week. Thus, utilizing DeMark indicators on stock market indices requires patience no doubt.
However, it’s best to forget when these “don’t work ideally” and simply concentrate on the next potential completed signal, as this also lines up with short-term S&P 500 Index cycles and 1 year anniversaries from last year.
Bottom line, i don’t expect September shows the same degree of strength as August and should bring about the same early to mid-month peak and selloff into Sept 19th that has been seen the last 4 months. If this overbalances in time or price then projections into mid-October will be discussed. For now, I’m comfortable being long and selling into strength later this week.
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The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
