Today's action confirms the Stock Trader's Almanac pattern; i,e. the market should be weak into August 30, a rally possibly into September 4, and a really shocking drop into October/November.
I'm already out, so I'm not stressing anymore.
But the downtrend on the weekly chart is strong. A close below 1130 will seal the deal for more downside next week. My target on the S&P 500 Index (and it is hard to believe) is about 970. It could happen either by August 30 or by October/November.
Anyway, now is a good time to get out of the market. The move down is very strong. Bounces are being sold with vigor.
Your standing on the sidelines writer,
Wink
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