Saturday, August 31, 2024

S&P 500 Uptrend May Extend to 5,800 Into Equinox | Robert Miner

Daily S&P 500 data from the July high shows an an A-B-C correction into August 13. Since then, the S&P 500 has continued upward and sideways, reaching a new high last Friday, August 30. With daily momentum showing a bull reversal, the S&P 500 is expected to remain bullish for the next few days and likely exceed the July high within the next week or two. The daily closing level of 5,798 is a key benchmark to watch.
 
 
Key dates to monitor include the week ending September 20, which aligns with the next Fed announcement and the fall equinox on September 22. Historically, reversals often occur near the fall equinox. If the S&P 500 remains sideways or rises into this period, it could signal the completion of the current upward trend and the onset of a counter-trend move.

 
For the next three weeks, the S&P 500 should target the range of 5,689 to 5,783 based on weekly closing data. Monitoring this range is essential. A weekly close within this range by the week ending September 20 may indicate a potential weekly high. Weekly momentum indicators suggest that the S&P 500 is likely to continue its upward trend for another two to three weeks.
 
 
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