The market extended the breakout on Monday. The rally stopped at 2095, where we were expecting resistance. This report gives the targets for this move if this doesn’t hold here, as well as the benchmarks that need to be taken out to signal a potential reversal.
Cycle screening data was mixed on Friday. 3 of the 9 measures strengthened while the aggregate measure turned down from a lower high, continuing a pattern of negative divergences in that indicator.
Where the SPX ended the week may have signaled new 2, 3, and 4 week cycle up phases except for one thing.
Cycle screening data was mixed on Thursday. 4 of the 9 measures strengthened but the aggregate measure was insignificantly weaker. There were signs that the move could be in trouble if the indicators fail to clear these benchmarks.
The market has come to the brink of signaling a new 2, 3, and 4 year cycle up phase if it closes the week above the downtrend channel from last May. An “up phase” under current conditions where long term trend indicators are declining may not be the same as an up phase in the…
Cycle screening data was stronger on Wednesday. All 9 measures strengthened and the aggregate measure surged sufficiently to break a couple of trendlines and edge above the 29 day MA.
The market has pushed through more resistance and is in position for a run to new highs if it clears the last line of resistance around 2095. 6 month and 10-12 month cycle projections have risen to an unthinkable level.
Cycle screening data was stronger on Tuesday. 7 of the 9 measures strengthened and the aggregate measure surged to just above the neutral line. Any extension of this move should put the bulls firmly in control. However, if the aggregate measure drops back into negative territory, then the bears would still have a shot.
The market came roaring back on Tuesday, putting it into position for a major breakout.
Cycle screening data was mixed on Monday, with a very slight tilt to the weak side. 5 of the 9 measures downticked and the aggregate measure had a slight decline which held above Thursday’s low. This could be the start of a minor upturn but a number of things would need to happen, otherwise the…