Market Update Pro

Whiplash!

The market reversed Tuesday’s losses. What looked like a lead pipe cinch that the 13 week cycle top was in, is now very much in doubt. So far, the upside projection for the 13 week and shorter cycles still looks no higher than 2135-36. A 10-12 month cycle projection of 2185-22-35 by mid July is…

No Great Expectations

The slight pullback on Friday did no material damage. Cycle projections still point to 2134-2155 for cycles up to 6 months, which highs due between now and late June. From that perspective the upside from here looks to be very limited, if any. SPX would need to drop below 2113 to signal that the top…

Skating On The Brink

The market pressed against resistance at 2135. Several charts suggest clearance between there and 2150, where there’s another cluster of lines representing resistance. A 13 week cycle high is due and the cycle projection dropped to 2135, suggesting top formation. But the 4 week cycle projection is 2140 and the 6-7 week cycle projection is…

Cycle Screening Data Weakens

Cycle screening measures were weaker on Wednesday. The aggregate measure had a second straight modest drop coming off a new minor high. Normally that indicator will form a negative divergence before the market averages make a short term peak.