“All of our Key technical market indicators are Bullish to Very Bullish across the board, support is deep and resistance is None on the S&P 500 and Nil on the DJIA and NAS Comp” — Paul Ebeling
Over the last 10 and 20-yr frames, the S&P 500 Index’s average return during August has been negative. And in yrs that follow a Presidential election, only February has been less kind to investors.
August 2021 was full of MSM overblown negative news for the stock market, which it rightly tuned out. The market is smart as none of the news Noise came about.
With the benchmark S&P 500 closing at a record Monday, it has marked 13 record highs this month. Any advance Tuesday will mark another record for the index.
Through Monday’s close, the S&P 500 is up more than 3% so far this month, and on track for its best monthly gainer since April.
Through Monday’s close, the S&P 500 is up 20% so far in Y 2021.
Instead of the Summer irons, this month had Wall Street strategists start cranking up their longer-term forecasts for the stock market.
Earnings results continued to impress. And with so many eyes on the Fed’s next taper move, it fade as a market risk.
We are now in yr 2 of the Bull market leg that began in April 2020. And since Y 1957, the 2nd yr of Bull markets have seen the S&P 500 return, on average 13.3%, according to the data.
And with the benchmark index now working on 7en straight winning months this yr’s economic expansion “too far, too fast” looks not to apply. Because stocks were up an average of 12% in 18 of 21 frames that followed 6 straight monthly advances for the S&P 500.
Again, all of our Key technical market indicators are Bullish to Very Bullish across the board, support is deep and resistance is None on the S&P 500 and Nil on the DJIA and NAS Comp.
Have a prosperous day, Keep the Faith!
