Of course, the 1929 high took place on September 3rd, the day everyone came back on Tuesday following the summer holidays. It has been a long-standing joke that after spending time with the family, they come back and just sell everything without reason.
The 1987 high was on August 25th just before Labor Day. In both instances, the panic low was October.
Well the week after Labor Day has lived up to its reputation. The Dow crashed on time, but the burning question is – will it follow-through? The Dow peaked on the 6th following Monday’s closing.
However, the way the Array is set up, we may see LOWER LOW next week, but there is still system support as well as technical support.
From a timing perspective, it still appears to be choppy ahead. Next week may produce a lower low, and now the 18017 level will become an important number for the close of September.
If we close ABOVE this level, then the market will turn back up. A close below would imply an October low, then a rally back up in November, and a potential drop back into January. We will be looking at the long-term in the next month.
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Livio S. Nespoli has been a broker, registered investment advisor, and financial publisher since 1985.