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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