spx weekly update - syria tension

Well it was a very interesting week this week, with the end of the month shenanigans playing out perfectly, and much tension building over in Syria as Obama lost support from his major allies, and is still contemplating whether or not to launch an attack to punish the Syria regime for using chemical weapons on its civilians.

Last week we did warn our readers that the weekly chart was not looking healthy at all. We closed out this week at 1632, and as you can see, that this week the bears continued to do damage to the market, and this is normal into a 3 day long weekend coming. Market reversals played out quite nicely and the tensions in Syria helped the bear case also.

Divergence in the MACD histogram, and also the fact that the smart money will be back in SEPT is leading us to think this market might not be done on the downside quite just yet. But this is just a guess. We go more into detail in our VIP MEMBERS SECTION HERE, about what could happen in the next 4 weeks.

Due to the labor day long weekend, things will not get busy till Wednesday, so we will be updating our VIP members only, and will not be back till WED - THURSDAY next week.

Happy trading.

SPX weekly update

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