1039 is a valid target for the TOP and that we must hold 1016 for the 1053, 1063, and 1077 targets to be possible this week. Despite the rally this week, the blue Tick line is dropping suggesting that the Full Moon of Sept 4th will be a low.
Back in 2003, we dropped to 990 after reaching 1040 and the seasonality into Labor Day is negative in the Stock Traders Almanac.
About 50% of Bear market rallies ended on a Monday in 2000-03 and a bit less in 1929-32, but when we account for Holidays, two-thirds of Bear market rallies end on the last or first day of the week.
(T&C Forums – Knowledge Contributor)