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Stock Market Update 09-05-17

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 —

HOURLY

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.

DAILY

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.

WEEKLY

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…

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