Cycle screening data strengthened slightly on Friday. 5 of the 9 measures gained. 8 are now on the buy side on balance, up from 7 on Thursday. The aggregate measure rose slightly but not enough to break the negative divergence versus the SPX as it makes new highs.
The rally reignited just as the market was on the verge of 13 week cycle sell signals. The 13 week cycle projection rose and the market closed above a major cycle channel band.
The aggregate measure fell. It was another downturn in a string of lower highs as the market averages made new highs.
The market’s tiny downtick yesterday may have been the signal that the 13 week cycle up phase has ended. Here are the key benchmarks to watch for confirmation, and the upside targets if those benchmarks hold.
The usual market and precious metals updates will be posted in the wee hours of the morning in the US. See you then!
Cycle screening data strengthened on Wednesday. 8 of the 9 measures showed gains and 7 were on the buy side on balance, up from 5 on Tuesday. The aggregate measure rose for a second day, but remains below the minor peaks of the past 2 weeks. It is still in a pattern of lower highs…
The market rallied into the critical 2065-70 resistance area on the charts, breaking through the last minor high set last week. Here are the implications and likely targets of a breakout, as well as the benchmarks the bears need to retake to end the upward march.
Cycle screening data strengthened on Tuesday. 7 of the 9 measures showed gains, but 5 of them remain on the sell side on balance. The aggregate measure popped but is well below the minor peaks of the past 2 weeks. It is still in a pattern of lower highs and lows as the S&P 500…
The market is within easy striking distance of a major downtrend line.
Cycle screening data weakened slightly on Monday. It was the fifth straight day on the downside but the change was minimal. The aggregate measure sits at a trendline from the January low, while in a short term pattern of lower highs and lows.