Net monthly declines

Even though the bears have largely failed across the last two trading days, US equities have closed September with net monthly declines, ranging from -1.5% (sp'500) to -6.2% (R2K). Despite the weak R2K, the broader market remains holding the primary upward trend.


sp'monthly

R2K, monthly

Summary

*with it being end month, I could be tempted to highlight a hundred other charts, but the above two will have to suffice.
--

So, net monthly declines for September, but the primary trend remains intact for the market as a whole.

Yes, I realise the R2K has breached rising support, but this is just one index, and the others are still intact.

Until the equity bears attain a monthly close under the monthly 10MA on the sp'500... I still can't get overly confident on the bearish side.
--


Video from Gordon T Long, with Mish (blogger) Shedlock


--


Looking ahead

A fair bit of econ-data tomorrow, notably ADP jobs, and ISM/PMI manu'

*next QE is Thursday.. but a mere $1bn.
--


Back on the sidelines

I should have bailed on my index-short at the Monday open... but I had another chance this morning, and I took it (stopped out at sp'1972). A reasonable gain, considering the relatively minor weakness. I was kinda tempted to go long this afternoon around 1972/69...but refrained.

As things are, I've little interest in attempting another index short in the near term, price action no longer supports it. The only issue is whether it is worth going long ahead of the Friday jobs data.

Goodnight from London