August 25,1987 - the exact top prior to the crash.. August 23,1988 - low has never been returned to.. August 24,1995 - low has never been returned to.. August 19,1998 - top preceding 18% plunge in 2 weeks.. August 31,1998 - important market bottom.. August 31,2000 - 2 days before all time high.. August 24,2001 - end of rally ,market drops 22% in under a month.. August 22,2002 - exact rally top, market drops 21% in under a month. (Courtesy of Peter Eliades of Stock Market Cycles.)
just a guess, but I think we made a top yesterday. I think we will be down next week, and into the middle of September before we rally again.
Fundamentally, I just do not see any reason for the market to rally. Maybe a few idiot consumers are buying this jobless recovery crap. This was probably a good months for the big players and the specialist to go short.
Hope this isn't too off-topic but could anyone comment on what's been ailing the financials lately? Maybe that would be somewhat relevant to the topic somehow.
I think there will still be more up movement on the S&P (over 1015 area) during the next few weeks before we pull back to the 960 area again.