Wall Street is heading into a weak seasonal period after some August turbulence, but chart experts see reasons for optimism. Several technical analysts from Wall Street shops published bullish notes over the Labor Day weekend. Strong market breadth was one highlight, embodied by the recent rally for the equal-weighted version of the S & P 500 .
5, has many traders prepared for some downside movement in the weeks ahead. However, the S & P 500 did finish August up more than 2% for its fourth straight positive month, closing above 5,600. "While we would still prefer a dip into 5400-5450 before a sustained breakout, the lack of any downside has us questioning that view.
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