Very little of anything changed on Wednesday, leaving both bulls and bears in suspense. The technical odds still appear to slightly favor a breakout, but the clock is ticking. Here are the details and charts with projections.
Cycle screening measures put on a mixed performance with only a slight edge to the buy side. Thursday will be another pivotal day with prices poised to test the highs and these cycle measures not yet fully confirming this move.
The market edged closer to a breakout through the highs, with most cycles appearing to get in gear.
For the second straight day cycle screening measures did not confirm the rally in the averages.
The market edged toward the top of its trading range accompanied by slight, but not decisive strengthening a variety of indicators across time frames ranging from 4 to 13 weeks.
Cycle screening measures weakened in spite of the rally on Monday.
The market’s rebound today left technical indicators hopeless mixed, befitting the continuation of a 2 month trading range. However, a couple of short term cycle projections reappeared.
Short term indicators have turned down while some 13 week cycle indicators have edged minimally to the sell side.
Aggregated cycle data did not confirm the uptick in the market averages today.
Most short to intermediate indicators are holding a slight edge to the buy side.