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Cycles still have an upward bias. But a 10-12 month cycle high is now ideally due within xxxx xxxx (in subscriber version). The next sharp break to the downside should mark the xxxxx xxxxx xxxxx (subscriber version) of the 10-12 month and 6 month cycles.
The 13 week cycle appears to have made a xxxx (subscriber version) last week. That could spell xxxxx xxxxx xxxxx (subscriber version) for what should be the final days of the 10-12 month cycle up phase.
On the third rail chart a key intermediate term channel and a long term channel held. Trend support rises from xxxx-xxxx (in subscriber report), with a second support line just below that. Both would need to be broken to signal reversal.
On the weekly chart, xxxx is a very important level this week. If they close below it, it should mark the beginning of top formation for this cycle. However, it would be unlikely to be the highest high. Long term cycle projections point to xxxx-xxxx with highs due between xxxx and xxxx (subscribers only).
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 xxxx, the target would rise to 4600.
The long term cycle momentum indicator remains bullish.
Cycle screening measures weakened but the intermediate remains tenuously bullish. Weakness this week could reverse that. Strength will confirm the trend and suggest another extension.
Swing trade chart picks will be posted 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.
