Near Term Trend: Positive to Neutral
Friday’s Close: 2132.98 (+ 0.43)
UPDATE: Eight weeks ago we clearly stated there would be little movement in the Index due to the fact we were in the time frame of the U.S.
election. In addition, we clearly felt the Index would not trade above the current near term highs.
Subsequently the Index has remained within 68 point range for the last 13 weeks. And on a net basis, at the very same level it was on July 12. Our proprietary support level at 2121.00 has held in text book fashion as the floor to this range (a level which we have highlighted for the last five months). October is traditionally a month the Equity markets retrace. Technically, a daily close below 2121.00 is required to build downside momentum.