$SPY TOP 20

The discussion from the last few weeks remains the same here with the market.

We are now into September, which is traditionally a very weak month for the market and October, starting particularly in the 2nd to 3rd week in Sept too.

$SPY could quite easily make a new high this week and touch our Wave 5 level and on the retest of the $565 in the 2nd week, lose this level and start pulling back or moving sideways for the next 2 months until the election.

If $SPY had pulled back while going on this aggressive run since the 5th of August, it would have given me more confidence to say that this is moving higher in an impulse manner but the bounce since the 5th of August has been one clean bounce and as always, we expect 5 waves in an impulse count.

So there was a lot of enthusiastic buyers which is typical of retail.

Let's see how the market behaves at the $565 level this week.

Busy week ahead with:

Tuesday, September 3rd

• 10:00 AM ET: ISM Manufacturing PMI - A key indicator of manufacturing sector activity, with readings above 50 indicating expansion.   1. US ISM Manufacturing PMI Monthly

• 10:00 AM ET: JOLTS Job Openings - Provides data on job openings, hires, and separations, offering insight into labor market dynamics.

Wednesday, September 4th

• 7:00 AM ET: MBA Mortgage Applications - Tracks changes in mortgage applications, offering insight into housing market activity.

• 8:15 AM ET: ADP National Employment Report - A key indicator of private-sector job growth.  

• 8:30 AM ET: Initial Jobless Claims - Tracks the number of individuals filing for unemployment benefits for the first time, providing insight into labor market health.  

• 8:30 AM ET: Productivity and Costs (revised) - Provides data on productivity and labor costs.

• 10:00 AM ET: ISM Services PMI - A key indicator of the services sector activity, with readings above 50 indicating expansion.

Thursday, September 5th

• 8:30 AM ET: Employment Situation (Non-Farm Payrolls) - A highly anticipated report on job creation, unemployment rate, and wage growth.  

Friday, September 6th

• 10:00 AM ET: Wholesale Inventories (revised) - Tracks changes in wholesale inventories, offering insight into business activity.

• 10:00 AM ET: Consumer Credit - Provides data on consumer credit outstanding, including credit card debt and auto loans.