While the market is lulling us to sleep in this holiday week, it remains above key trendlines and cycle projections continue to point higher, in spite of some indicators having slipped to the sell side.
Cycle screening measures were modestly stronger Friday. That uptick formed a higher low on the aggregate indicator, keeping it in a neutral pattern that would allow the uptrend to continue on a day to day basis.
13 week cycle projections have been fluctuating at levels above the highs so far, with the higher targets remaining in force as a result of Friday’s late push. A cycle high is ideally due this week. Will the market ignore that and go into trending mode? Here’s what to look for.
Wednesday’s weakening in the cycle screening data while the market averages rallied turned out not to be a fluke, as the market was soft again on Thursday. The screens sagged again.
The market managed to keep its uptrend intact, but not by much. What needs to happen next for bulls to keep the ball. Will they still win by losing?
Cycle screening data continued to weaken on Wednesday. Is it just a case of insensitivity to moody markets?
The market could not gather enough downside momentum to break even the first support level at 1950. What does that mean?
Cycle screening measures were weaker today, in concert with the losses in the market averages. This followed Monday’s minor weakness in the screens.
The market ran up to a long term trendline in the morning and suddenly acted like it saw a ghost. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you…
Like the market averages, the cycle screen results were mixed and inconclusive. They remain tilted to the buy side on balance, but the aggregate indicator has formed a negative divergence over the past month. That’s getting interesting.