“Its the most awful time of the year.” Randall Forsyth
S&P on Thursday, Sept 17, 2015 (Fed decision day) made a high of 2020 (resistance of 2017 was mentioned in previous blog posting) and reversed sharply when Janet Yellen announced no rate hike. On Friday, major markets in the world had sharp decline including US markets. Dow Jones down 290 points, S&P 29 points.
S&P closed at 1958.
If one looks at weekly charts of markets then they can see these do not look pretty.
The only major support for S&P is at 1900-1905 level. If it is broken then low of 1867 made in August will be taken out easily and then we could see 1820 and all the way to 1750.
Dow Jones is even worse than S&P as it is sitting just at long-term support of 16380. Dow Jones closed at 16384 on Friday, September 18th.
Russell 2000 long-term support is at 1121. It closed at 1163. Resistance above is at 1205
NASDAQ 100 immediate support is at 4235. It closed at 4324
My own chart (based on my algorithm) has broken long-term support.
From time point of view September 23rd is the important date for the market and then October 9th.
Once again we will be listening and reading on media as to when the Fed will raise interest rate. Some will say October, some December, some will say March 2016. And none of them have any clue even Janet Yellen. So if Janet Yellen does not have a clue do others have a clue?
“Look I need honest feedback. Try not to get caught up in whether or not I’ll fire you for it later.” Bill Naboon
The next two FOMC meeting this year are on October -27-28 and on December 15-16.