The magnificent market meltup marched on. The target could be the uptrend line forming the upper line of a broadening pattern at 2040, or it could be the 6-7 and 8 week cycle projections or the 13 week cycle projection that is even higher. Here’s what the data suggests now.
Treasuries have paused in their 2 week uptrend and the Dollar has broken through another resistance level as it takes aim on higher levels.
Of course, markets top out when everything looks magnificent and they couldn’t look much brighter than they do right now. Here are the details on real time US Federal government cash flows this week, and what they mean for the markets, along with a brief on Japan giving US a BoJob.
Cycle screening measures remain extremely strong. The last time the aggregate measure was above +1000 for 8 straight days was in October of last year, and before that, March 2009. But it may not mean the same thing this time. This report covers what the numbers portend.
Gold is going the way of Mr. Hanky the Christmas Poo this morning. Precious metals stocks are also in an outright crash. This report covers the revised short term through long term price targets for the metal and the precious metals stock sector.
The market meltup continues, with the SPX barely hanging on to the trendline that defines the angle of ascent. 2005 is the level it needs to reach and hold on Friday to maintain that trend. Cycle projections rose. This report covers what that means.
The markets have held up remarkably well while facing a big Treasury settlement on Friday that will suck cash out of the accounts of dealers.
The advance number for third quarter GDP came in at 3.5%, surprising the Wall Street conomists, whose consensus guesspectation was 3%. It should not have been a “surprise.” The US Treasury reports tax collection data virtually in real time, every day. I publish a chart of the withholding tax data and report the implications of that data for the markets every…
Gold broke down from the small head and shoulders pattern and hit the 4 week cycle projection, but support and a measured move target remain below this morning’s low. This report covers the benchmarks to look out for before a turn is likely.
The slight pullback today caused several cycle screening measures to form patterns that normally indicate that a short term pullback or consolidation is imminent. However, the patterns continue to look like those of October 2013. This report considers these factors and gives the outlook.