The market obliterated any semblance of a short term downtrend today but stopped short of clearing key resistance at 2100-2110. Wednesday’s action will be a huge test. A big enough up day could take the 6 month cycle projection from a tentative state to “live.”
Cycle screening measures were weaker Monday, following through on Friday’s slight weakness in these numbers. Here’s what the current numbers reveal about the outlook.
The market took a small step toward validating a short term downtrend today, but it wouldn’t take much to negate that. This report reveals the key benchmarks and expected targets if they are broken.
Cycle screening measures on Friday were slightly weaker on balance, going against the slight gain in the S&P 500. 8 of the 9 measures weakened. This report explains what that means for the market outlook.
The market slept through the holiday week, allowing the bulls to keep control but still leaving the bears in position to grab it back, having one very important factor in their favor.
Cycle screening measures were mixed on Wednesday. The aggregate indicator downticked from below the last minor high.
Apparently the bulls have eaten all the stock turkey they can, now that they face having to pay for $100 billion in new Treasury paper over the weekend. Indicators are still mixed, with the guidance from cycle projections pointing to 2135 and 2170. Here’s why I’m not buying it.
Cycle screening measures were mixed again on Tuesday. While the aggregate measure had a slight gain, there were hints that all was not well with the uptrend.
The market now only needs to close above 2094 to break the short term downtrend to reignite the uptrend. That would put the latest 6 month cycle projection in play as a viable target. This report covers the keys to whether that will happen, and the price target if it does.
Cycle screening measures were mixed on Monday.