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Prices Show Us Not to Argue with Mother Market

Technical Trader subscribers click here to download the complete report.

All swing cycles are back in gear but only one of them has a projection. Meanwhile, we know that one major cycle is due to top out at any time between now and September. We’re on the alert for the signs from the indicators for that cycle (shown in subscriber report).

The market closed Friday at trend resistance on the third rail chart. That resistance starts the week at 4433 and rises to 4455. Clearing that line would indicate acceleration. Massive trend support lies between 4270 and 4335. That would need to be broken to signal reversal.

On the weekly chart, the SPX had a false breakdown from the uptrend line off the October 2020 low. The market would now need to conclusively break 4230 to signal a reversal on this chart. Trend resistance and a possible target of this move is now at xxxx (in subscriber report).

Long term cycle projections point to xxxx-xxxx (subscriber report) with highs due between xxxx and xxxx.

On the monthly chart, if the SPX clears long term trend resistance at 4410, the next target in July would be xxxx. In August, that would rise to xxxx (subscriber report).

The long term cycle momentum indicator remains bullish.

Cycle screening measures reversed their recent weakness. They have sent misleading signals in recent weeks. Price trends themselves must always be the finally arbiter of any trend analysis.

The chart picks report will be posted on Monday morning.

Technical Trader subscribers click here to download the complete report.

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These reports are not investment advice. They are for informational purposes, intended for an audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance. 

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