S&P Sits at Key Support as Trends Turn Bearish

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Don’t forget…if interested in the webinar from Rich Miller — AKA @Handelstats — please register for the Study on Year Highs and Lows by Month in the SPX on Aug 16, 2023 at 11:30 AM EDT here. (After registering, you will receive a confirmation email containing information about joining the webinar).

This is supposed to be a 30-min webinar but Rich expanded the studies (here’s the expanded, updated study). He’s very smart and these are just a fraction of his work. I will be in the webinar and then like you, listening to what Rich has to say!

A note from Rich:

Danny and I were talking the other day and he asked if there was anything that we could tell about the market after the strong month of July. This is a snapshot of the study that followed.

1. "Since 1970, there hasn't been a single instance where the S&P 500 experienced a rise for only a single year. It has consistently shown an upward trend for a minimum of two consecutive years before any subsequent downturn."

2. When the market is up for the year at the end of July, 38 of 53 years, 32 of those years, (84.21%) December closes higher.

3. September is the only month with a negative average return

Our View

One of the things that makes the MrTopStep chat room special is that there is no main person calling out trades. Why? I could mention countless forums that have failed because it's too hard to call winning trades everyday all year long.

Eventually, those losing trades will cost people a lot of money and the people that paid for the chat will disappear. They don't pay for losing trades — no one does and nor will they ever.

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For instance, at yesterday's 4458.50 low I asked for levels and the room put out the 4459 level and I bought 3 ES at 4460 and made money on all 3 contracts.