Hello Everyone,
Quick Notes: Following yesterday's consolidation type day, the sellers returned to action today pressing all the major indices lower. The QQQ fought hard to stay green most of the session but succumbed to heavy selling during the final 30 minutes. To start the day, ES put in a nearly perfect a-b-c bounce overnight off Tuesday's lows right into resistance posted on the blog (4389). It was all downhill from that point with ES falling nearly 100 points (high to low). This year the last day of every quarter has ended up red and the SPX ended the month of September with a bearish engulfing candle (be aware and continue to monitor). Seasonality (weakness) has certainly been true for September once again this year. The bigger question now is if this can recover next month and start to uptrend again OR if this correction morphs into something deeper. As we say, respect the trend until evidence changes and continue to trade what's in front of you. Most stocks are exhibiting loose patterns and thus not very objective.
Please take a moment to look at the trade ideas.
