The rally has stalled and time counts suggest that a correction is due, but centered moving average projections still point higher. Which should get more weight?
Not enough happened yesterday to materially change the outlook.
The Fed clearly signaled today that it intends to promote the equity “carry trade,” and the market took the handoff after a long running head start.
A down phase that doesn’t give ground typically means that the market is headed to new highs in the next up phase.
The 6-7 week cycle projection has been hit and time counts suggest that the market is inching closer to a correction on a few cycles, but…
A pullback is due or overdue in a couple of cycles and there were some hints on Friday that it could be starting. But there was no sign of anything more than a minor pullback or consolidation, and in fact longer term indicators continue to tick to the buy side one by one. Bears have…
The market cleared another resistance level today.
The market broke through a couple of key resistance levels on Wednesday, and is showing some signs of going parabolic.
This is the complete market update including the screening data.
The market averages appear to have staged a breakout over the past week as the SPX trades above the October high, but the charts indicate that something else may be going on.