By Robert Jay
Since mid-May, the S&P 500 Index has been in an 8-to-9 day turning pattern. The visual below demonstrates the pattern:
So far, the S&P’s closing high of 1115.01 (Jul. 26) is on the 8th day of the 8-9 day turning pattern, while the index’s intraday high of 1120.95 (Jul. 27) is on the 9th day, satisfying both turn dates. The question now is: will the decline currently unfolding be simply a 1-3 day affair, such as that which developed from the previous resolution of the 8-9 day turn window, or will the selloff mark something larger?
EWI Short Term Update (7/28)
EWI’s Chief Market Analyst Steve Hochberg says the market has been in an “upward correction” since the July 1-2 lows. He’s mainly looking at two very near-term alternatives.
