Comments on: SPY & QQQ Testing Resistance, EUR/USD Rallying https://rightsideofthechart.com/spy-qqq-testing-resistance-eur-usd-rallying/ Stock Trading, Investing & Market Analysis Wed, 30 Aug 2023 16:35:43 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: KevinK https://rightsideofthechart.com/spy-qqq-testing-resistance-eur-usd-rallying/#comment-29228 Wed, 30 Aug 2023 16:35:43 +0000 https://rightsideofthechart.com/?p=212256#comment-29228 In reply to Jeff Vandenburgh.

October usually a tough month for the market.
Many times bottoms have occurred in October and provided a launchpad for rallies.
Don’t know about new highs in October, but for sure by the end of the year.
Although, the way the market is going, maybe new highs in September.
Tom Lee has been calling for a market meltup.
He’s been the most accurate of anybody this year.

]]> By: Jeff Vandenburgh https://rightsideofthechart.com/spy-qqq-testing-resistance-eur-usd-rallying/#comment-29227 Wed, 30 Aug 2023 14:13:46 +0000 https://rightsideofthechart.com/?p=212256#comment-29227 I’ve been looking at these potential analogs of the September 2021 pullbacks and the present August 2023 pullback. I didn’t want to believe that we could be in a similar scenario, but price action is now looking too similar to deny. Further, in past years when SPX had similar positive performance before an August correction, September tended to be very positive. Also, pre-presidential election years tend to have weakness in the first half of August, followed by strength into mid-September. And now we also have the “Goldilocks” scenario of “soft-landing” back on the table, as it has been the main theme of 2023, and continues to be as economic and inflation data shows just enough weakness for the Fed to take its foot off the gas-pedal. And should any real economic problems occur, the Fed now has more than 500bps to take out of the bond market to help prop the economy should there be the need. All time highs are nearly garunteed by October.

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