Cycle structures and conventional technical indicators are now on the cusp of intermediate term signals. The setups suggest that if those signals are forthcoming this week, they’ll be valid. This report illustrates what would be required to trigger those signals (subscriber version only).
All cycles are now in gear to the downside. Short term cycle projections have been reached, but a 13 week cycle projection points to xxxx (subscriber version only). A weak bounce this week, or no bounce, would suggest that that target is still in play.
Multiple cycle channel support lines are clustered around xxxx (subscriber version only). That’s a likely place for an intermediate low to develop after one more tests or minor penetration, in the next 1-4 weeks.
On the third rail chart there’s a bit of air below xxxx (subscriber version only). That next support line will be at xxxx on Monday, rising by 2.75 points per day (PPD) to around xxxx on Friday. However, if the market rebounds on Monday, it would be back within the uptrend channel that has continued the move since May. That line rises from xxxx to around xxxx this week.
On the weekly chart, the market is resting on the previously broken long term uptrend line at xxxx (subscriber version only). If the week ends below that, then a test of the support region around xxxx would become likely over the next month. If those break, it would suggest major top formation. Conversely, if either the current trendline, or the cluster below, holds, then the uptrend would still be intact.
The long term cycle projections of xxxx to xxxx (subscriber version only) are still viable, for the time being, with highs due between now and next year. That outlook could change this week.
On the monthly chart, the S&P 500 needs to break xxxx (subscriber version only) in September to signal an end to the uptrend.
The long term cycle momentum indicator remains bullish. For now.
Cycle screening measures broke the intermediate term bullish trend, setting it back to neutral. But the aggregate measure hit a line that suggests a short term bottom. If it breaks, then the bigger picture turns bearish.
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.