But first the S&P 500 chart.....
It seems that over the last week or so we have created an ascending triangle. These are seen as bullish patterns, but we must first break to the upside and resistance line of the pattern first for more buyers to come back in. I significant break below the bottom ascending line will bring upon more selling. So now we just sit and wait!!!!
My intuition is telling me the US administration is going to do whatever it takes to push the market up going into the elections. And when you control the Treasury and own the Fed you can control the Stock Market Direction, despite a horrendous unemployment situation and a near comatose economy.
As a side note, what I want to say here, is that OCTOBER each year is known for its extremely large sell offs and even crashes that can occur on the market. But let me be the first to tell you it has also been known as the "BEAR KILLER" meaning there has been very significant gains or rallies in OCTOBER too.
Hope that puts things in perspective for you.
Happy Trading :-)