Market Update

Chinks In The Bull’s Armor, But Uptrend Intact

There were a few technical chinks behind the small uptick in the market averages on Friday. Cycle screening measures were a tad weaker and negative divergences in intermediate cycle oscillators show no signs of resolving positively yet. The 6-7 week cycle is due for a down phase and its projection of 1882 was hit, but…

Will Market Correction Grow Teeth?

Technical indicators weakened along with the market averages, but not enough to trigger intermediate sell signals. The 4 week cycle remains in a down phase that finally actually saw prices decline instead of churning higher. 6-7 week cycle screening measures have been weakening for days, and the effects of that are finally showing up.

Cracks Appear

Short term indicators continued their progressive weakening today. The question is whether that’s a sign of an internal correction that will lead to an eventual upside breakout, or the beginning of a real correction that takes the bloom off the rose.

Market Speaks Softly

The market tried and almost succeeded in breaking out, closing just below the prior highs. Technical indicators were modestly stronger. Screening measures had a slight edge to the buy side, but there were still minor negative divergences to be resolved.