MM Big Picture Update: Time to Batten Down the Hatches

Sep 13, 2024 - 3:30 PM EDT

MMI is down for today in a sentiment context of a "decision point" even though the market hasn't quite made up its mind yet. The weekly sentiment implies a completion point right around here which would tend to coincide with a multi-week EW subwave completion. The latest weekly MMI vs S&P chart is looking for a sharp move down over the next few weeks. Conclusion: it might be time to prepare for some rough seas ahead and "batten down the hatches."

MMI for the weekend is mixed for futures, but net down for Monday RTH open. Preliminary for Monday itself is also down.

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Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."

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