Screening measures started to catch up with the gains in prices of the past couple of days in what looks like an ordinary rebound from an oversold level on the aggregate indicator, but not on the individual indicators.
The market continued its rebound without the support of confirming buy signals in any time frame.
The market’s rebound didn’t answer any questions in the cycle screens. They barely recovered and remain oversold.
By recovering, the market set up a narrow no man’s land. Here’s what it means.
Weakening in cycle screening measures put the aggregate at a level that normally coincides with or precedes market lows by a few days.
The SPX now faces critical trend support in the 1790-1810 area. Cycle projections point to that area as well, but with all key swing cycle indicators in gear to the downside and time left in the idealized time counts for these cycles, an additional slide is possible, if not likely. But it’s not how the…
The market got massacred, and while the cycle screening data was weak, it was nowhere near as weak as prices. Is that an artifact of all the whipsaws, or is there a deeper meaning?
On the charts it looked like a clear breakdown with a sub 1800 target. But was it?
Screening data rebounded from 4 days of declines, lagging the turn in prices by a day. These indicators are based on cycles of at least 4 weeks in duration. The market is moving so fast in this thinned out trading range that these measures are unable to respond quickly enough to be useful for timing…
I don’t even know why I waste my time with the bearish case. Last night I posed two scenarios. The first was the case for a breakdown. Then I wrote, “But a 6-7 week cycle projection of 1838 was hit, and a 13 week cycle projection of 1832 was almost done. Also in the mix…