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Benefit of the Doubt to the Upside Until Proven Otherwise

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Cycles There’s no sign of thrust in the 10-12 month cycle up phase. But there’s also no obvious resistance on the chart that would stop the market from drifting higher.

The 6 month cycle is now mid up phase. There’s no projection yet.

The 13 week cycle up phase is maturing. The projection now points to a range of xxxx-xxxx (subscriber version) . Above support at xxxxx the up phase stays in progress. A breakdown through that level would signal a down phase.

On the third rail chart SPX faces a resistance trendline cluster in the xxxx-xxxxx (subscriber version)  range. Clearing that would signal acceleration within the short term channel. If they don’t clear, they could still stay within the short term channel. The lower limit starts the week at xxxxx and rises at 12.2 points per day (PPD). That would bring trend support to xxxxx at the end of the week.

On the upside, if they clear xxxxx, the immediate target would then be 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 (subscriber version) 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 (subscriber version)  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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