Remember this posting? The SPX has been trading nice inside the 1879.4-1982.7 level. Since my Sept 1 posting, the SPX has been tested 3 times with the latest coming yesterday.
Market closed at 1978.2 yesterday. I have mentioned again and again that the market is manipulated and the market could be calculated. The price action which we have witness is a typical movement of what I call “waiting for big news”. The new level of 1879.4-1982.7 is calculated after market makers factored in China’s fundamentals and if the FED raises interest rates. If FED announces no rate hike this month or in October, we should see the market recovering to 1982.7-2046.5 level. A stronger recovery would be the 2046.5-2127.6 levels.