Technical Market Report For Saturday, August 29

The chart below is similar to those above, except it shows the daily performance over all years of the R2K in September in magenta and the performance during the fourth year of the Presidential Cycle in green.

Since 1885, the DJIA has been up 45% of the time in September with an average loss of -0.9%. During the fourth year of the Presidential Cycle, the DJIA has been up 42% of the time in September with an average gain of 0.2%. The best September ever for the DJIA was in 1939, up (+13.5%). The worst September was in 1931 (-30.7%).

The chart below is similar to those above, except it shows the daily performance over all years of the DJIA in September in grey and the performance during the fourth year of the Presidential Cycle in green.

Conclusion

Free money overcomes everything. Now the Fed is going to buy into the tech sector. The strongest sectors last week were transportation and leisure, and the weakest were biotech and utilities. 

I expect the major averages to be higher on Friday, September 7 than they were on Friday, August 28. Last week's negative forecast was a miss.

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