The 6 month cycle projection range widened in spite of the SPX giving a little ground. 6 month cycle indicators remain mostly on the buy side.
Cycle screening measures rebounded enough to prevent a breakdown to a new low on the aggregate indicator but not enough to signal a decisive turn.
SPX rebounded enough to prevent the 6 month and 10-12 month cycles from rolling over. 4 week and 13 week cycle lows were due
Two cycle screening measures are signaling that the 6 month cycle has probably peaked but the aggregate measure is a holdout for now.
SPX fell straight to trend support, setting up a critical inflection point.
The tepid upward momentum of the cycle screening data picked up a bit today, but not enough to confirm a breakout yet.
The Dow thrust to a new high and the SPX is also threatening to break out.
The market has established a narrow trading range. It would need to clear 1985-90 for an upside breakout and it’s not clear that there’s enough momentum to do that before liquidity becomes an issue. This report describes why and what to look for.
Cycle screening measures showed no sign of thrust on Monday. This report covers what that implies.
The market remains in trending mode. There were no significant changes in indicator positions today. Most remain on the sell side, but all are high in positive territory. Unless they break sharply lower, the trend will remain in force.