And then again it might not, but it’s clearly an important one, with a lot riding on what happens this week. This report gives the particulars.
The market has done just enough to stay above major support over the past few days but it hasn’t created much of a safety cushion (or whoopee cushion) and it still faces several layers of resistance. Here’s how the indicators look.
The market update will be posted Friday morning at approximately 8:30 AM ET-US (New York time).
Wednesday’s action was a mirror image of Tuesday, except that the underlying technical indicators were stronger than the market averages on both days. The market still has to clear resistance and generate 13 week cycle buy signals to confirm that it is out of danger on the downside.
On Monday, support held and projections were pulled up to levels that were reached, all of which suggested that an intermediate low had been reached. Tuesday’s late fade raises questions, which this report attempts to answer.
The market reached major support on Friday and rebounded strongly yesterday to form what could be an intermediate bottom. Cycle projections rose to levels already reached and the market had entered a bottoming window in terms of time. Some indicators have flashed buy signals. But is that enough to call a bottom?
The market update will be posted on Tuesday morning at approximately 8:40 AM ET (US- New York).
The market has fallen to a major support convergence at 1295 and is in a bottoming window time wise. That window stretches across the next two weeks. If the 1295 level breaks, ugly could get uglier. Here’s how much.
The market keeps taking out support levels as if they’re not there, and cycle projections keep dropping. Long term indicators are beginning to hint at the return of the 4 year cycle. This report examines the implications.
Several technical indicators have reached levels consistent with intermediate lows, but key support levels have been broken, and despite some signs of being oversold, the market remains vulnerable to further declines, both over the short run and the longer term as well. The market averages have broken down from an important top, and some long…