It was a dark and stormy day on Wall Street and financial markets around the world on Monday. It feels like the wheels are finally beginning to come off, but the SPX managed to hold a key support level.
The market held at support on Friday, forestalling a meltdown. Short term projections have been reached an a 6-7 week cycle low is due. Is that enough to trigger a rally?
The market fell to a critical support level. There are signs suggesting what it will do next.
The market break felt significant, and a 13 week cycle down phase has been signaled, but neither the Dow nor the S&P broke key support levels. Here’s what needs to happen for the bears to take over, or for the bulls to stay in charge.
Every day is now make or break for bears more than bulls. A sideways market works in the bulls favor for the time being.
Monday’s market decline did not change the direction of any significant technical indicators. They remain mixed, reflecting the market’s indecision. Today may be the day where the indicators get in sync one way or the other to signal whether the upside cycle projections will be reached on this wave.
The market has reached a major signal line. For bears, it’s hold or die.