The market continues to trend higher in the face of cycle time tendencies that say it should be in a short term pullback. The fact that it continues to rise shows that the 6 month cycle up phase remains strong. This report gives price target and time probabilities and the reasoning behind the projections.
I had been looking for the down phase that was due in the 13 week cycle to either remain benign or manifest itself as just a slowing in the advance on the way to a higher high in the 6 month cycle, but the down phase has hardly shown up at all. That’s a sign…
Time counts and some broad indicators suggest that a 13 week cycle down phase should be under way, but cycle based screening measures for that cycle aren’t giving ground.
Indicators remain mostly inconclusive, although the 4 week cycle and the 13 week cycle appear headed into a mild down phase while intermediate indicators point toward subsequent new highs.
I’m way behind the 8-ball tonight and the market action didn’t leave much to say beyond what I have already written in the market updates over the past week. I will skip the market update for tonight. The Fed Report will be posted shortly. Thanks for your patience.
I have not given much weight to the VIX for the past half year. However, its last two cycle wave edgeband sell signals and 3 buy signals have been valid since March. It flashed a short term sell signal today as the market continued to do battle with resistance around 1400. Other indicators were inconclusive…
The market remains extremely quiet. The 6 month cycle projection edged down a little but is still well above current levels. A new 6-7 week cycle projection also suggests that there’s more upside in the short run.
On another quiet day, the 13 week cycle appears to have topped out, but the 6 month cycle projection rose.
The market was little changed and so too the technical indicators. In the screening measures new signals started to foreshadow a short term top, but could it be more than that.
The market edged higher and closer to a 13 week cycle top and down phase, as it pushed toward a test of the April high.