11/09 Indices, page-75

Good to see you back
I doubt you'll stick around & we'll be stuck with calvo running around telling people what they should be doing without actually knowing how the market moves
Hopefully he goes quiet today (unlikely as I'm sure he'll put some spin on it & make some rubbish up)

I have 4490 as my Spx fence (which it didn't quite tap & fail yet)
If it gets through that, it goes to 4510
That's the top of my Spx downtrend

Ftse made a new September high & believes the Spx will break through (US could do a double top & go nowhere just enough to lift world markets again)
Xjo had conceded defeat & decided it will fail (but will get dragged out by its feet if world markets ignore seasonality this year)

Both the Spx & ftse failed to return to those august lows last week (ftse lows were last Wednesday & Spx lows were Friday)
Xjo went as low as it could without making a new low (it was enough to make all day traders close out long positions & now be forced to reopen them again. Or close out short positions for those that don't want the risk. Some shorts will hold out until the 4510 Spx breaks out)

Those dividend payouts last week cost the xjo 50 points so I need to remove 50 points from my charts & fences now (my mistake in calculations) until it adjusts again

I'm always the optimist & until I see it fail a fence, I still have hope that we can get a decent bounce in september (even if we lose it all again by the end of the month with an ever so slightly higher low)

Nothing to celebrate for xjo bulls yet (we are still stuck in the lower range even if we do bounce)
We can still go as high as 7240 today (if we tracked the ftse like we have all year during the drops we would be back at 7370 today minus the 50 points. Bullish top is only 7320 now. Unlucky for bulls though )
Our downtrend top is still up at 7290 (take off the 50 points, so only needs to get through 7240 to technically break downtrend again & maintain a bullish chart for 2023)

We can still get a surprise september like these years posted (although rare as it only happened 32% of the time), it could still have plenty to bounce & dump again by the end of month