This is Part 2 of the Pro Trader Market Update posted May 15, 2016 (click to download). It is part of a series of free reports that I’m posting as I recover from my emergency open heart surgery on May 3. This report (click here to download) covers the Wall Street Examiner Pro Trader proprietary cycle…
This is Part 1 in the second of a series of free reports that I’ll be posting as I recover from the emergency open heart surgery that I had on May 3. Part 2 will be posted on Monday morning. If you are a subscriber, these free reports will not be charged to your subscriptions.…
Last night, 7 days after my open heart surgery, I put together a couple of pages of the charts and tables which normally appear in the complete version of the Pro Trader Daily Market Update. I posted it the day AFTER I had the heart attack that ultimately escalated to emergency open heart, triple bypass…
Cycle screening data plunged sharply on Friday. All 9 measures weakened. The aggregate measure fell sharply, ending in the sub -1000 zone, near the January low.
Down phases on cycles up to 13 weeks grew weaker, but a test of support and cycle projections around 2050 held. Here are the benchmarks to watch for the keys to whether the bears again take control of the market’s direction.
The market again rebounded to the uptrend line after breaking the lower limit of the channel early in the session. It would now need to close below 2090 to break the channel and suggest a probable 6 month cycle top.
Cycle screening data weakened on Friday but the cumulative line surpassed the December peak. That is significant.
The market rebounded after testing the lower limit of the uptrend channel on Friday.
Cycle screening data was mixed on Friday. 3 of the 9 measures strengthened while the aggregate measure turned down from a lower high, continuing a pattern of negative divergences in that indicator.
Where the SPX ended the week may have signaled new 2, 3, and 4 week cycle up phases except for one thing.