Time now becomes the most important factor. Late August to early September has been a time zone when some of the most significant US stock market peaks have been made. Early September 1929 just prior to the crash. Late August 1987 just prior to the crash. Early September 2000 saw the S&P 500 (SPX) make the second peak of a which preceded a two year bear market.
Short-term it appears the SPX has been forming an – Horizontal Triangle which could be at or near completion as of the close on 09/03/21. If it is complete there could be a thrust up to the SPX 4565 to 4575 area. Based upon an alternate wave count there could be major Fibonacci resistance in the SPX 4570 area. This alternate count could be examined in a future post – depending on market action.
The next one or two trading days could be the most important for 2021. The termination of the bull move since March 2020 and possibly the climax of the secular bull market since March 2009 could be near.
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