September is over and the market looks like it is getting primed for another healthy move upwards. Seasonally, the next three months are bullish. No reason to think this year won’t be any different.
The market pulled back most of last week and then rallied on Friday. Still sitting in a range, but upward pressure appears to be building.
Breadth indicators also appear to be bottoming. The monthly NHNL is reversing, so it the capitalized NHNL
Most importantly, the rolling 52 week NHNL went beyond -1500 and looks poised for a reversal.
Essentially treaded water last week. A little down. Maybe this week will be better. Will the market try to move lower again or will it resume the uptrend? The latter seems more likely at this point.
