A day like today leaves me speechless. I mean, what can you say other than nothing?
The market is again testing the high. It has backed off in the early going on Sunday night, but I’m more interested in where New York closes, not where New Zealand opens. Until there’s a clear and convincing break of a certain key support level combined with certain other indications, the upside projections on 6…
El Toro Grande has apparently escaped his pen, and panicked crowds are running with him trying to stay a step ahead. They’ve run into a fence. Now the question is whether it will hold.
A 6 month cycle down phase has probably begun, but it may not last too long. A low is due within a month and normal variances mean that the low could come at any time. A 4 week cycle low is also due at any time, while counts for the 13 week and 6-7 week…
More indicators are edging to the sell side and the market is flirting with a break of major support. If it breaks, there’s a 60 point air pocket below but there are powerful forces at work that want to see higher prices.
The market needs only to close below 1370 to break the uptrend channel that began on December 21 at the time of the ECB’s first LTRO operation. However, there are more important support levels that would need to be broken to signal a meaningful correction. Otherwise the upside projections of 1460-1520 would remain viable targets…
Cycle projections rose on Thursday and are now pointing toward the upper 1400 range. In the latter stages of a move projections tend to be less reliable than the earlier ones, which recently had mostly been in the 1420-1460 range. There are resistance levels below that. Here are the ones to look out for.
We’ve become so jaded by the relentlessness of the rally that any down day feels like a massive break, but in reality, no key support levels have been broken.
The market has begun to edge above major resistance, clearing the way for a significant extension of the rally.
The market update will not be posted tonight. I’ve run out of ways of saying the same thing differently. The report will return tomorrow at the regularly scheduled time. Meanwhile I’ll look at the charts and post a brief update in the morning if there’s anything worth reporting.