Are we actually now in the bear market? And was the fall we saw in May only a prelude of what is to come? Here we take a look at the current market situation.
The markets spent most of the week preceding the Labor Day weekend hesitating right at key Short-Term resistance, as marked in our last article. This led to some pretty miserable trading conditions, as Wednesday and Thursday yielded a painfully tight 4 point range in the S&P. This is just about as tight I have seen the markets. By Friday, the market managed to break through and sustain above our 1303 mark in the S&P500, and this puts a new multi-year high into play over the short-term for the S&P500. For the DOW, a new all-time high comes into play over the Short-Term with sustained trade over the 11,465 mark, while the NASDAQ continues to fight for its life ? its yearly high is not in play in this time horizon. We will take a look at the charts as we usually do, in our next issue.
In the meantime, let’s take a moment to...
A Tale Of Two Gordons: Why Gekko Is Right And Brown Is Wrong