Liquidity Trader’s April 14 Technical Trader follows up on a structural call made last July and reiterated in December: a long-term top in the 6000–6200 range, with timing projected for early 2025. That projection has been validated—both in price and time. A reaction rally is underway, but it remains far below the top zone. It may continue, or not. What’s clear is that price and breadth momentum remain impaired, and will take time to repair.
This week’s report walks through the full structural setup:
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S&P 500: The rally remains capped below a key resistance band. The report defines the zone precisely. The measured move target, well below last week’s low, remains viable unless that resistance is decisively cleared.
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Adler’s Cycle Wave Composite ™: The indicator remains weak. A short-term divergence is developing, but it could resolve either way in the days ahead. The report tracks this closely.
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13-week cycles: A short-term up phase is underway. But upside potential remains uncertain, and depends on whether the market can clear a clearly defined resistance line in the proprietary, volatility-adjusted Adler Wave Projection Channels.
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Long-term trend: A monthly close above a key level—identified in the charts—would begin to reset the structure. A break of the next support level would activate a well-defined downside target.

The projected top zone from July 2024 held in both time and price. Price reversed directly at the upper boundary. The Cycle Wave Composite™ remains in decline.
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Breadth and VIX: Breadth momentum remains weak. VIX has reached an extreme, but confirmation of a durable low would require a specific pattern still in development. The report highlights the setup in detail.
The Technical Trader mapped the top in advance. The setup continues to play out. Follow each week to see what the market is targeting in the weeks and months ahead.
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