Time factors continue to argue for an intermediate up phase and most technical measures are haltingly agreeing.
The Treasury Report is now scheduled for Saturday afternoon. The Fed Report will follow on Monday or Tuesday next week.
The market sent a bunch of signals on Wednesday that said the 13 week cycle low was in, but it’s easy to cross a trading range, and another thing to break out.
Support levels have held, and time counts suggest that an intermediate low is due. Downside projections have been reached. The only things missing are indicator buy signals and breakouts through the 1290-1300 resistance band.
The cycle screens did not confirm yesterday’s rally. The 6 month cycle projection has been reached, but the 13 week cycle projection has dropped to 1245, with a low ideally due now. There are no buy signals yet. The short term indicators are still mostly on the sell side, with some ambiguity. This report illustrates…
The market update will be posted on Tuesday morning at approximately 8:30 AM. See you then!
The market broke major support on Friday and is now hanging by a thread, the thread being the possibility that the break was just a final shakeout of an oversold 13 week cycle low. Any downside follow through on Monday would suggest that the 6-7 week cycle is dominant, and may be headed below the…
I am on the road to our summer home in Quebec and spending a couple days with our grandkids. The Professional Edition will not be published Wednesday evening through Saturday. Publication will resume on Sunday evening or Monday morning. Please check here for an update on the schedule. Thanks for your support! – Lee
From the premarket action this morning, it’s as if yesterday’s rally did not happen. A drop back below 1323 would be problematic for the bullish short term view. However, the market would need to recover only some of this overnight loss to keep the recent short term buy signals in force, and probably give confirmation…
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.