Could This Be The Buying Opportunity I Have Been Expecting?

Could This Be The Buying Opportunity I Have Been Expecting?

This was the question I asked at the end of September as some felt the rally from the September 21st lows was a turning point. However, in my analysis of the charts and market internals indicated the market had just rebounded back to resistance (see chart) and was ready to head lower once more. From the September 24th close at $373. 33 in the Invesco QQQ Trust (QQQ) it subsequently dropped another 6% to a low of $350. 32 on October 4th. In the past three weeks, Goldman Sachs (GS) lowered their forecasts for GDP while the International Monetary Fund last week lowered its global economic forecast because of concerns over supply chain disruptions and inflation. The markets relished the news as all the averages recorded solid gains led by the Dow Jones Transportation Average up 3. 8% followed by a 2. 2% rise in the Nasdaq 100 Index. The S&P 500 edged out the Dow Jones Industrials 1. 8% to 1. 6%. Even the Dow Jones Utility Average rose 1. 6% and while the SPDR Gold Shares (GLD) dropped sharply on Friday it still managed a weekly gain of 0. 7%. There was even more positive news from the