Three Charts Every Investor Needs to See Today

Stocks dropped to the lower level of support (green line in the chart below) I pointed out in yesterday’s missive. They then bounce hard in the intraday session, closing near the highs of the day. 

We now have the beginnings of a bullish falling wedge formation (blue lines in the chart below). We should see a move higher to 3,350 or so, before the final drop to perhaps 3,200.

Something like this:

This conforms with my roadmap for the remainder of September: a sideways/ chop fest that favors the downside, before stocks begin their next major leg up in October.

Something like this:

Indeed, anything in this box is a BUY WITH BOTH HANDS for the long-term (not a day trade). We’ll likely be there in the next two weeks.

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Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

Posted by Phoenix Capital Research