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Relentless Rally Reaches Likely Reaction Point

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Yes, a likely reaction point. But that may not mean much. Cycle projections point higher still (subscriber version only)..

The 10-12 month cycle has entered an up phase, with ideally xx-xx (subscriber version only) months to run. There’s no projection on the S&P yet but the Qs look xxxxx friendly.

The 6 month cycle is early in an up phase. There’s no projection yet. The 13 week cycle is in an up phase. The projection now points to xxxx xxxx down from xxxx (subscriber version), last week.

Short term cycles didn’t bother with their down phases that were due. They’re trending. There’s an 8 week cycle projection of xxxxx.

On the third rail chart support is around xxxxx on Monday, rising to xxxxx on Friday. They’d need to break those to have any shot at any downside.

Trend resistance is rising, starting the week at approximately xxxxx and rising to around xxxxx.

On the weekly chart, updated long term cycle projections as of October 10, 2021 show targets ranging from xxxxx to xxxxx 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 xxxxx at the end of November.

Long term momentum indicators suggest higher for longer. They normally form negative divergences long before price peaks.

On the monthly chart, the market uptrend channel lower bound is at 4300 in November. They’d need to break that to show any sign of possibly ending the bull market. Clearing the long term trendline around xxxxx would set a course toward xxxxx in November and possibly xxxxx in December or January. 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. 

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