Summary
The fourth monthly decline of five, if printing a new hist’ high of 7844, and settling broadly lower at 7580. The October candle is bearish engulfing, suggestive November will (at least) print a lower low. Momentum weakened for a second month, and threatens to turn negative before year end. A seventh monthly close >10MA (7304), as the m/t trend remains bullish.
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Summary
A moderate net monthly decline. Momentum weakened a little, but remains moderately positive. Another monthly close >10MA (7230) as the main market remains m/t bullish. RSI 73s is overbought, but that can remain the case for a considerable time.
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Summary
A net August gain of +196pts (2.6%), having printed a new hist' high of 7816. Monthly momentum remains on the moderately high
side. Another monthly settlement above the 10MA (7150) as the m/t trend
is unquestionably bullish. RSI 74s is overbought, but that can remain the case for months... even years at a time.
For more of the same... https://www.tradingsunset.com
