S&P 500 2900,51 -23,14.
The S&P 500 settled exactly on the support we mentionned in our previous comment with some acceleration towards the close. There is a stronger support in the vicinity of 2880 that may eventually be tested. Ironically, there is a scenario that may call for an acceleration of prices to the upside, even surpassing the highs reached at the end of the month of July ; it may surprise a lot of doomsayers that are shouting around the word Recession. Despite the retreat of prices, systematic models are on the verge to turn up and that may attract fresh buying.
We invite our readers to visit our site and look at the chart. It points out to the fact that our global risk index has come down over the last 20 months at each subsequent top and the actual gap between the risk and prices has been the widest actually. In summary, we stand more at the beginning of a cycle than at the end.