Now that summer is drawing to a close it’s time to get serious about the market again and get down to business.
With that said, let’s take a look at where we are on the charts for the S&P 500 —
After chopping back and forth in a slight downtrend for much of August looks like the market may have broken up to the upside on the short term time frame with a break through the $245 level.
Here you can see the wedge/pennant formation on the daily a little better. After testing the 50 day MA a couple times we’ve had a strong break to the upside. Although — with the low volume I’m not 100% convinced and still a little cautious.
Little argument what the long term trend is here. Up-up-up. A lot of people are calling for a top — but remember — we watch the charts and this one is telling us everything we need to know.
Until next time…