Wednesday, September 9, 2009

S&P500 Possible Moves In September 2009

S&P500 Monthly Forecast:
Broadening top pattern still intact as long as S&P500 would not violate 1050-1066. I'm looking for consolidation in weeks to come, not a huge move in neither directions. Note drops below 950 is the game changer. So far bulls have the upper hand Unfortunately I don't have a crystal ball, but I think this bear market rally is overdone and soon we should see a nice pull back. Despite the all nosies in TV about new bull market I don't see S&P has enough steam left to take out the 1130-1200 this year.
I wend short when S&P500 was at 1035; I covered most of my short positions on Sep 1st, and I moved to the side line. I'm looking for a good entry to go short again.

Related Topics:
S&P500 Broadening Top Pattern