Special Bulletin: September 11, 2024 (2:30pm Update)

The Market’s Next Direction? It’s Debatable

Our Current Market Outlook has been upgraded to “Uptrend Under Pressure” with a yellow light as of 2:30pm today, 09/11/24, with the SPX @ 5,518.19. While the Nasdaq continues to trade under its all-important 50-day mav, the S&P500 has moved back above its 50-day mav (so far). The bulls are trying to stop the decline and rally the indexes back up and over the 50-day mav’s. Our Core Four has changed to 1 green, 2 yellow and 1 red light – a solidly neutral stance – while the VIX prepares for a test of its own 50-day mav. 

If the main indexes close up on strong volume and over their respective mav’s (fat chance for the Nasdaq today) that would complete a short-term positive pattern named by us as an “anchor +3” which may start a push back to all-time highs. However, an immediate about face by the key indexes back down through this morning lows would be disastrous. Note: early this morning the market looked like it was headed for a rout when it then turned on a dime and began to rally sharply. The level of the turning point was at SPX 5407 and marked an important higher low than Friday’s 5402.62. That is the major line of demarcation for the bulls and bears on the SPX.

Today is 9-11. We ask that you take a few moments today to remember that horrific tragedy and to pray for the surviving family members of the victims. Thank you to all who helped in the rescue efforts and years long clean-up and restoration. May God bless America.

Pictured: The body of Mychal Judge, a Catholic priest and NYFD chaplain, is carried away from the Twin Towers rubble by rescue workers. 

https://afn.net/culture/2024/09/11/history-of-9-11-attack-becoming-victim-of-time-and-younger-generations/

“I tell you, no, but unless you repent, you will all likewise perish. Or do you suppose that those eighteen on whom the tower in Siloam fell and killed them were worse culprits than all the men who live in Jerusalem? I tell you, no, but unless you repent, you will all likewise perish.”

Luke 13:3-5 NASB 1995

Game plan: Watch the market closely for additional strength and freshen up your watchlist. We will know in short order if today’s action ends up being just a bull trap. Keep studying the price and volume relationship of the next few days on the major indexes. Ask Jesus for wisdom. Please pray for the peace of Jerusalem (Psalm 122:6-7). May they prosper who love her.

Ps. Happy birthday to my nephew, Sean!

Note: You can learn more about The Triumphant Core Four risk management system by clicking here.

Have a Triumphant day! ®