The market rebounded after testing the lower limit of the uptrend channel on Friday.
Cycle screening data weakened along with the market averages on Thursday. All 9 measures weakened. The aggregate measure fell below the 29 day MA, which is still declining. The pattern of lower highs and lows continued.
The market reversed after running into resistance around 2110 as it tested the November high. Here’s what to look for next.
Cycle screening data weakened slightly on Wednesday as the market averages made tiny gains.
The market barely extended the rally on Wednesday as it ran into resistance at 2110, near the level of the November 2014 high. That didn’t change anything technically. Here’s where cycle projections currently say the market is headed.
Cycle screening data strengthened on Tuesday. 8 of the 9 measures strengthened. The aggregate measure surged to a virtual tie with the March 30 peak. Here’s what this means.
While the Dow and S&P extended the breakout on Tuesday, the Nads, as represented by the QQQ, went the other way. That could just be a random wiggle or it could be something more significant.
Cycle screening data was only mixed on Monday. That was surprising and cautionary.
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.