BarroMetrics Views: S&P Aug 29

Sure hope I last longer than one day! No sooner than I  posted “I’m Back!” that doctor benched me for a week. I’m supposed to be taking it easy for next two or three day; BUT the work is piling up. Anyway,  let’s turn to the S&P for today

Figure 1 shows the  low at 1077. I consider this low to be the cycle low I was looking for. I now expect the S&P to move sideways into the Non-Farm Payroll on Friday. If I am correct, then the S&P will follow path (2) in Figure 1. If I am incorrect, we’ll see an upside breakout and acceptance above 1233 (basis Sept). This will clear the way for a test of 1249 to 1253.

But to repeat: I expect to see a sell-off from 1207 to 1198 and a retest of 1077 this week.

Figure 1 S&P, Sept

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