the up-leg off September 2nd low of 991 on the S&P 500 index appears to be overextended and a short-term correction is near. Although seemingly vulnerable to a downside correction, near-term trading action will be influenced by this Friday’s quadruple witching expiration, so the correction might get a hold until next week.

標準普爾500指數自9月2日從991點開始發動這輪行情以來已經積累了可觀的漲幅，短期將面臨調整。由於週五是各種期貨與期權到期日，標準普爾500指數的調整可能會被推遲至下周。

given that demand for gold and bonds is often increased in times of wars and enduring economic crises, recent rise in the prices of these safety assets signals that fear is elevating, which is bearish for stocks. Although gold has became short-term overbought following recent advance so we’d wait for a pullback, then buy-on-dips

由於在戰爭時期和持續的經濟危機中大家對黃金和債券的需求往往會上升，最近這些安全資產價格的上漲意味著恐慌正在升溫，這對股市是不利的。儘管黃金在近期上漲之後短期內已經超買，但我們應該等待回調並逢低買進。

equity market may be setting up for a major short squeeze. That, if and when it happens, could trigger acceleration toward the 1000 level on the S&P 500 index. The true test this week will be whether the bulls can push prices above the three-week old congestion pattern and make new 2009 highs