The indicators have begun to trigger a few short term sell signals in the time window for a 6 month and 10-12 month cycle top. However, projections still point to the 1575-1625 range, so there may still be some work to be done before this up phase is completely finished. The Cyprus situation will make things interesting, but increased fears over Europe have typically been bullish for the US as capital flees into US markets. I expect to see some instability this week, but it’s probably too early for a breakdown, especially with the rest of the Fed’s mid month MBS settlement coming on Tuesday.
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