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Market Breaks Support
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Market State 2- Bullish: The S&P 500 remains in Market State 2 despite last week’s rollercoaster. Overall, the market was relatively flat last week, only falling around -0.30%. Last week did however, end with -1.23%, -1.79%, +0.80%, and +1.42% days. That is 3 days beyond +/-1.00% that resulted in a flat week.
We mentioned in last week’s update that although we are currently in Market State 2, “a pullback could be more likely to happen as the market approaches overhead resistance levels.” Since that time, the market did pullback, falling a little more than -5% from September 12th’s relative peak to the low point on October 3rd.
Canterbury Volatility Index (CVI)- CVI 74: For the last few weekly updates, we have discussed the possibility of seeing some outlier days. Below are some excerpts from the last two updates that help explain last week’s outliers:
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