Screening measures weakened slightly, in spite of the small gains in the averages.
Broad market indicators got in gear yesterday with the screening data which had already been signaling an intermediate downturn. The move has progressed enough for downside time and price projections on the 4 week and 13 week cycles.
As a result of a 4 hour network outage by our internet service provider, Cogeco, the Professional Edition Market Update will be delayed until Thursday morning, assuming that there are no further issues. Today’s Radio Free Wall Street podcast will be posted at approximately 11 PM ET.
Indicators derived from the market averages are slowly edging to the sell side, but are not yet confirming a downturn. Screening measures which emphasize patterns in individual stocks however are more definitive in their sell signals. Which are correct?
The markets whipsaw wildly, careening between faith and fear, betting one day that the world will come to an end and the next day that the gods of central banking will save us all. Considering what we know about the ungodliness of the bankers, that faith has no basis. The faithful Congregation of the Central…
You may have felt like something happened Friday, but the market just crossed the same range it has crossed umpteen times in the past few months. Talk to me if they break 1270.
The market did enough to put the bears back in the game on Thursday. Its gyrations are increasing again as the trading bots, futures, and ETF trading in an extremely illiquid market results in monolithic moves and rapid reversals that seem to come with little technical warning. A significant resistance level at 1270 proved impregnable,…
Barring an immediate and dramatic decline, cycle screening measures have sent a major trend bullish confirmation signal.
When we left off here last Wednesday I suggested that the massive thrust in the new short term buy signals in the screening data would mean that there would be enough residual momentum to keep the bias to the upside for at least a few weeks. Here’s an updated look at that idea.
I warned yesterday before all the news was out overnight that we almost had to stay awake all night and trade 30 minute bar charts because of the current degree of “flexibility” in the cycle patterns, and the nasty habit of extracyclical factors–little things like central bank manipulation–upsetting the apple cart. When markets can move…