S&P 500 2978,71 +2,71.
Despite all the negative news surrounding the stock market, our model, once again, thanks to its non emotional approach, correctly pointed out to a buying opportunity during the month of August with several readings recorded by our risk profile index in the low 20’s, historically a buying zone area. Last Thursday, the S&P 500 gaped above the 2940 resistance at the opening after five unsuccessful attempts in August. The cumulative advance/decline line recovered to the level reached at the end of the month of July, confirming that the strong momentum in place since the beginning of the year has not been altered during the summer. We expect the S&P 500 to challenge the highs around 3030 before a correction/consolidation unfolds late in September.