On August 5, 2024 the Dow and S&P500 hit their lows of 38499.27 and 5119.26, respectively. Market Makers used this decline as an opportunity to accumulate additional stock (inventory). Based on the accelerated move from August 5, 2024 to August 16, 2024 a pullback is expected over the next several trading days, before moving higher. Trading patterns during the week of August 19, 2024 are also expected to be similar to the following.
- October 5, 2022 to October 13, 2022
- October 17, 2023 to October 27, 2023
In addition to this, sentiment calculations show a very brief pullback is expected before moving higher.
Charts are courtesy of StockCharts.com.
