The failure of the Dow to close above 17007 confirms that we are not yet ready to take off to the upside. We needed a closing ABOVE 17007 to firm up the market to state definitively that the August low will hold and new highs are ahead. We needed a minimum closing ABOVE 16632 to firm up short-term support. The closing BELOW 16632 does not provide a Monthly Sell Signal; it is a warning that the Dow remains vulnerable going into September. Only a monthly closing BELOW 15550 would have been a MAJOR SELL SIGNAL that key support has held. Consequently, the close of August was not strong enough to avoid a retest of the lows. Therefore, the Dow did not finish in a position that would imply NEW LOWS ahead just yet and there was no confirmation of a bullish development.
We’ve been knocking on the door all year. TBP had 494,000 visitors in March and reached the mid 480k range three other times this year. I like big round numbers and I’ve been waiting for us to break the 500,000 visitor count for a single month. We finally did it in August. We chopped through the door and burst through the 500,000 level, finishing with 537,000 visitors.