Cycle screening data has now been updated. The Aggregate Differential indicator has reached an oversold level where it usually bottoms.
Apparently I wasn’t the only one who correctly guessed that Friday’s jobs data would be a big miss. (https://wallstreetexaminer.com/2012/04/05/nonfarm-payrolls-should-fall-by-377000-but-they-wont/). In spite of the fact that the market averages were only down a hair, sell signals cropped up on a number of intermediate technical indicators on Thursday, and the screening data was much weaker than the…
This is the complete market update including the screening data.
Having repeated essentially the same analysis and forecast for seemingly the past 10 days, I won’t bore subscribers with more of the same tonight, especially since it’s late and you have enough to digest with the housing report and the free reports on unemployment claims and retail sales. Cycle projections were down slightly in the…
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.
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.
Screening data suggests a short term top is forming. Is it time to nibble on the short side again?
Friday’s failure to penetrate trend resistance did nothing to clarify a cloudy technical picture. I’m inclined to think that the failure to break resistance is the overriding fact here, but screening data kept a bullish bias, Friday.
The market opened at support on an extremely weak opening yesterday. Support held and the rebound was on. It is continuing this morning. Indicators are mixed and screening data is not confirming the upmove.
It’s too soon to tell if today’s slip and fall was just a benign pullback or something more sinister. There’s nothing concrete to indicate that there’s anything seriously amiss with what looks like a typical bear market 13 week cycle up phase, but the potential for big trouble is there, since the market failed to…