Daily chart for S&P
Daily chart for NASDAQ
September is usually the worst month of the year. I do not have the statistics on hand right now (I’m sitting at a quiet café and not at home or at the office) but just pull the index charts and you can see that most Septembers had been bearish.
Anyway the indexes made a bounce in afternoon trade on Friday. I reckon this bounce should follow through to around 1,080 for S&P and 10,250 for Dow but not more. S&P and Dow are now below their lower MOBO bands which indicates downward momentum and with NASDAQ just slightly above it. I probably should also post the weekly charts here because the weekly charts on all 3 indexes had been very bearish at the close on Friday. We may see a small wave 2 bounce (also called failure wave) this week but that’s about all the bullishness I can see on the charts right now.
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