The price action of the major indexes are telling us one thing. The markets are searching for a direction and with the month of September with a history of sideways movement I am not surprised that the markets are just meandering around. If there is not much correction of big fall, then towards the end of September we can start to expect a bullish continuation to the upwards which might bring a nice bull run in the markets.
The current price action are not worrying yet. While the movements can be erratic up and down in smaller time frames, the daily charts are still within a normal trading range. That is something to be expected in September and so far, the market is still following the script. There is some fears that Hurricane Harvey and Irma will affect the stock market but so far the stock market may have already priced in the news. Though insurer stocks are getting hit but as long as the major indexes stays within the trading range and stay above support, then the market is still alright.
Let's take a look at what the charts are telling us.
I think some of you may wonder why I put in Malaysian stuff here and there. First, I'm from Malaysia and secondly the second largest amount of readers of this website are Malaysians and local friends. Naturally since this site is about US market, the biggest portion of readers are from US. Its really interesting to see many similarities in chart pattern in US and Malaysia. Goes to show that if you can trade one market you can trade any market.
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