The market again held at support on Thursday. The early rally got bulls hopes up, but the cycles are negative across the time scale from 4 weeks to 6 months now, with 6 month cycle indicators now edging down to confirm a top. What that does not tell however, is what shape the down phases will take. If support around 1425-30 holds, then they will stay sideways, and the trading range will just be a consolidation before the 10-12 month cycle up phase reasserts itself. Two things must happen to signal a bigger downturn.
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