Jeff Cooper: Are We Heading for a September to Remember?
As we head towards September, we must be ready for a possible culmination of the bull market.
That is the low that defines the long-rising channel that was violated for the first time in the decline off the July 2014 peak.
The bullish view is that the pullback into early August was a textbook backtest of prior swing highs and just another flushout of the 50-day moving average.
To be sure, the bears have learned their lesson well from prior flushouts of the 50, rushing for cover whenever the 50 dma was reclaimed.
Ditto the sold-out bulls who were hoping that the recent break would perpetuate the illusive 10% correction.
Indeed, the stampede to new record highs since the 50 dma was reclaimed has been unimpeded, though it was not buttressed by volume.
The question is, were the breaks of the lower rail of the near 2-year channel and the break of a 3-point trendline from this year's February low a shots over the bow?
1343 days from the 3/6/09 low ties to the major November 2012 SPX low at 1343.
With the SPX kissing the 2000 level 2000 days from 3/6/09, are time and price balancing out once again on a spike up into late August/early September, a historically pernicious time for climax runs to culminate?
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