October Market Slide
THE PRESENT OCTOBER MARKET SLIDE IS EXPECTED
There is an expected S&P 500 October market slide bottom that is acting out on cue at present. If you look at the S&P 500 chart below you’ll see a green horizontal line on the chart. This represents where we can expect to find some price support or slowing of the decline should it continue downwards.
You’ll note that this green price area is above a previous breakdown low which would mean that the public wouldn’t expect prices to stop there, making 1830 an ideal potential pivot point for price.
This doesn’t mean that prices can’t go lower than this, but, time is running out for the expected bottom to occur. Should 1830 be broken through with downtrending prices, we’ll begin to accumulate the first of the confirming signs of slowing down of the bull market uptrend.
Taking out the 6-month lows would be an occasion for pause in our bullish outlook and warrant extra caution in expectations. This will happen someday, but, it hasn’t happened yet. Stay alert though. – George