Cycle screening measures were weaker on Tuesday. The aggregate indicator downticked slightly but stayed in positive territory. It had peaked at only +465 on Friday. That’s low for a minor cycle peak. A downturn from that level could be nasty if the indicator drops back into negative territory, but if the number turns back up…
The market dipped slightly again on Tuesday, keeping the new short term downtrend channels alive, but again not doing much more than that. The SPX is still in a triangle pattern.
Cycle screening measures were mixed on Monday. The aggregate indicator downticked for the first time in a week. If there’s follow through from here, the downturn would come from an unusually low level, which would be another sign of momentum loss when it should be strengthening.
The market pulled back slightly again on Monday, validating the new short term downtrend channels on the S&P and Dow, but not doing much more than that.