The bullish divergence between price and the RSI at the August 21 low has led to a bounce. Otherwise, not much has changed since the last daily posting. I still have eyes on the TD Trend Factor target (purple line at 1614.62). Note it is in the SLOT (the 50-78.6% retracement area which I have drawn as a box on today’s chart) with the next larger Beta-X trendline (in orange). A close beneath this trendliine will raise the chances significantly that the trending impulse pattern from last November is complete.
Bottom Line: The chart, as far as my practical use of it for asset allocation, remains bearish. Technically it can be upgraded to neutral due to the bullish divergence.
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