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Is the stock market getting ready to blast off again? There are hints on the charts that say the answer to that question looks like yes.
Cycles 6 month cycle indicators are now confirming a new up phase in that cycle. It’s ideally due to last anywhere from xx to xx weeks (subscriber version only). There’s no projection yet. A new 13 week cycle projection points to xxxx, due by xxxxxx xx.
On the third rail chart the SPX needs to clear 4576 to break a flat intermediate channel. The top of the short term channel rises from xxxx to xxxx (subscriber version only). Above that are multiple intermediate and long term trendlines between xxxx and xxxx. If the SPX breaks through those, we could see a massive, upside explosion. Conversely, a rollover below xxxx would only lead initially to a pullback to xxxx.
On the weekly chart, updated long term cycle projections as of October 10, 2021 show targets ranging from xxxx to xxxx for cycles of up to 7 years. The SPX is above the 18 month cycle channel extension, suggesting that the long term trend is accelerating toward a possible target of xxxx at the end of xxxxxxxx (subscriber version only).
Long term momentum indicators suggest higher for longer. They normally form negative divergences long before price peaks.
On the monthly chart, the uptrend channel remains intact. SPX would need to end October below xxxx to break the uptrend channel. If the uptrend stays intact, the market could head for a very long term resistance trend at xxxx (subscriber version only).
The monthly long term cycle momentum indicator remains bullish.
Cycle screening measures remain bullish.
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.
