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Semis Action Signals Potential Q4 Cyclical Advance

The S&P 500 index’s rally caught a lot of investors by surprise as it rallied through 2940, the upper end of the August trading range. For traders, don’t be surprised to see the S&P 500 churn near current levels given there is considerable resistance ahead of 3027. Nevertheless, I continue to view the market’s chart as bullish, with the recent trading range looking more like a consolidation within a long-term uptrend than any top. I expect an upside acceleration by late Q3/early Q4

The S&P 500 index’s rally caught a lot of investors by surprise as it rallied through 2940, the upper end of the August trading range. For traders, don’t be surprised to see the S&P 500 churn near current levels given there is considerable resistance ahead of 3027. Nevertheless, I continue to view the market’s chart as bullish, with the recent trading range looking more like a consolidation within a long-term uptrend than any top. I expect an upside acceleration by late Q3/early Q4 through year-end.

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