The market staring down the cliff edge once again. After the sharp selloff between 11th and 25th, we almost fell over into calamity territory. Once again the SPX 1040 level was supported, miraculously I'd say, retested and then supported again. Four times in all since we started down the bearish path in April. Once again we are poised to retest, and this time we might fall over. Tomorrow comes home price data, consumer confidence and to top it all FOMC minutes. Doesn't look rosy at all.
I would think the retest is imminent, thanks to how close it is. I do get the sense that the market is still unsure about breaching 1040 or going down to 1010. Although the media noise is definitely touting increased concerns about the economy. We'll see the price action tomorrow to find out how the month of Sept (traditionally a bear month) fares.
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