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A 10-12 month cycle high is now ideally due within xxxxxxxx (in subscriber report), with a final projection of 4440.
But the 13 week and 6 month cycles appear to be in trending mode, with no projections. Shorter term cycles remain in up phases. The 6-7 week cycle has a projection of xxxx (subscriber report).
On the third rail chart the market has formed a new short term channel. It’s lower bound rises from around 4450 to 4500 this week. Additional multiple support lines are rising just below that. The lowest is heading for xxxxx (subscriber report) this week. That needs to break to consider the possibility of a downside reversal.
On the weekly chart, long term cycle momentum has broken out. This suggests that the market could go higher for longer, which means perhaps 4-6 months, or perhaps years. Cycle oscillators are also very strong. This isn’t set up for a top. Trend support is now at 4370. Resistance and a possible near term target is at xxxx (subscribers only).
Long term cycle projections point to xxxx to- xxxx with highs due between August and xxxxx.
On the monthly chart, the S&P 500 would need to end August below 4200 to signal a potential reversal of the uptrend. If the SPX clears long term trend resistance around 4500, the target would rise to xxxx.
The long term cycle momentum indicator remains bullish.
Cycle screening measures remain bullish.
The chart picks report will be posted on Monday morning.
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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.
