WALL STREET CRAPS STOCK MARKET STRATEGY SEPTEMBER 7, 2020
September 6th, 2020
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STOCK MARKET STRATEGY FOR SEPTEMBER 7, 2020: The stock market had a fresh break to the downside this past week. Could this be the long-awaited correction that will take us into October? Or will this simply be a “dip” to buy for another rally to new all-time highs. The NYSE McClellan Summation Index reading tells us to be very careful here – things can change quickly in this environment.
Key underlying short-term timing indicators show the following:
- NYSE McClellan Oscillator – Ultimate Indicator – 44 (neutral)
- Nasdaq McClellan Oscillator – Ultimate Indicator – 41 (neutral)
- Volatility Indicator – Ultimate Indicator – 32 (neutral)
- Risk On/Risk Off Indicator – Ultimate Indicator – 55 (neutral)
- Dow Jones Transportation – Money Flow Indicator – 54 (neutral)
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NYSE McClellan Summation Index: This key trend indicator remains below its 15-day moving average with a chance of expanding to the downside. Because of this indicator, a trader/swing trader should be very careful about waging too much capital on a long-side bet.