The rally slowed a bit as it ran into a band of resistance. However, the 6 month cycle projection rose.
It was off the races Friday after the market touched and held key support lines for a couple of days. With Fed printed cash building up in dealer accounts after Monday’s Treasury issuance was safely put to bed, the market was just looking for an excuse to rally, any excuse. Ex post facto punditry came…
The market’s steady drift lower has brought the major averages to key support lines, and has put intermediate indicators on the verge of sell signals. This report illustrates that.
So that you can read more into my forward guidance I will now change just a word or two from last night’s report. I am learning how to do this from the FOMC. This way you can parse the words to make up your own interpretation of what it really means. Really. Note: I will…
The market broke intermediate uptrend lines and a wedge pattern that had gone all the way to its apex. Technical indicators weakened enough to suggest that a down phase has begun in the 13 week cycle. But there are a couple of “buts.”
In spite of some key cycle indicators edging to the sell side, I am still giving the uptrend the benefit of the doubt.
A confused and disjointed trading pattern left no reason to feel confident about the outlook today, but by the same token, it gave little reason to expect a significant deviation from the trend. A 6 month cycle projection of 1840 suggests that there may still be some upside in the short run while a top…
Technical indicators gave no clear signals as a result of the minor stall in the market today. The signs are mixed and conflicting. The longer duration intermediate indicators continue to push higher. Only the 6 month cycle has a projection.
Technically, the bulls look ready to sit down to a big turkey dinner. What could change that?
The market could not sustain the downside as prices fell to uptrend lines where they held and reversed. That tells us something about the outlook for the next couple of months.