The September quarter-end often heralds a correction as fund managers re-balance their portfolios and shed under-performing stocks. Congressional gridlock raised the probability even higher, but the market has brushed this aside, reflecting bullish long-term sentiment.
The S&P 500 rallied sharply off support at 1650. Follow-through above 1710 would indicate an advance to 1790/1800*. A 21-day Twiggs Money Flow trough close to zero indicates buying pressure. Reversal below 1675 is unlikely at present, but would warn of a test of primary support at 1630.
* Target calculation: 1710 + ( 1710 – 1630 ) = 1790
VIX retreated below 20, signaling low/moderate market risk.
Dear Mr. Twiggs
The short-term trend is also bullish. Now is the best opportunity to BUY.
The charts are showing several buy signals……
GoodBUY
Chaim Kimelblat aka schpekulant@gmail.com
I am not so sure this is the best time to buy. My Gann Wave TA is listing to a move sideways to down. Even the charts are starting to show a head and shoulders formation. I have been short for the last few days waiting tor the dismisses in the Senate. Good luck everyone.
Dear Michael
I see in several charts lots of buy signals (of heavily traded stocks………..)
So I am Bullish for the short and long terms!