The market held onto its gains on Monday, in spite of competition from the settlement of a massive pile of new Treasury supply. It was able to do that because buyers of the Treasuries drew down $35 billion of outstanding reverse repos with the Fed. As a result cycle projections still point higher. Here are…
Cycle screening measures weakened slightly on Friday, in an area where these indicators often peak. Short term measures suggest that a minor pullback is probably near, but rallies normally do not hit their final peaks until these indicators establish a weakening pattern over several days or weeks.
Market makers are famous for turning markets on a dime at highly symbolic levels, like 666 at the bottom of the 2007-09 bear market. So here we are within a couple of points of 1929 and the timing and conditions are perfect for a top. Or are they? No doubt the sly bastards who run…
The string of positive readings in these indicators continued. While it looks impressive on the surface, to me it has a certain stench to it, the stench of creeping, festering rot and decay. This kind of complacency never ends well, and often seems as though it will never end, but it will. Our job is…
The market forged above another resistance line but now faces the mother of them all.
Cycle screening measures were slightly stronger on Wednesday as the market averages stalled in their advance. There were no material increases in new sell signals, and current status indications were firm.
The market paused at resistance near the top of the broadening pattern on the SPX, but there’s still time for additional upside according to cycle time counts. Liquidity will be a problem in the short run.
Gold has broken key support, but has one more before here and oblivion.
Cycle screening measures were stronger on Tuesday, supporting the breakout to new highs in the SPX.
The S&P 500 has broken through a key resistance level. Does that mean it has begun a new upleg? This report provides an answer and the evidence supporting it.