Last week, I outlined a roadmap for the S&P 500 through October into the election. I expected the oversold bounce that began on September 22nd to stall heading into the end of September and beginning of October. I continue to expect a choppy, zig-sag pattern to play out into the third week of October coinciding with another option expiration week.
In case you missed it, I recommend taking a look at the daily S&P 500 chart in last week’s note for the path I’m expecting. So far, markets appear to be following that roadmap with the S&P beginning to stall near resistance between its 50-dma (3362) and its highs near 3428 that developed on September 16th.
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