The market sent a message that it’s a good time to stay on vacation. Here’s why.
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The market surged again on Thursday, reaching a cluster of resistance trendlines at 1985, that had been earlier cycle projections. Those projections have moved higher in recent days. Here is where the market is likely to be headed.
While screening data was slightly weaker today, which is a non confirmation of the market averages, it wasn’t enough of a change to raise red flags…yet.
Technical indicators marked time today and cycle projections rose again.
Cycle screening measures strengthened today, confirming the move in the market averages. There was nothing earth shaking in the numbers, just more of the same supporting the slow grind higher.
Cycle projections on the market averages crept higher again today and the 13 week cycle projection is now firmly in the round number camp. The market isn’t listening to the bears lamentations. Central bank money pumping remains in control of the rigging for the time being. Here’s what the technical indicators portend about the next…
Cycle screening data was dead in the water today, just like the market averages. Boy, I bet that line will get you to read this report.
While the market is lulling us to sleep in this holiday week, it remains above key trendlines and cycle projections continue to point higher, in spite of some indicators having slipped to the sell side.
Cycle screening measures were modestly stronger Friday. That uptick formed a higher low on the aggregate indicator, keeping it in a neutral pattern that would allow the uptrend to continue on a day to day basis.