I try not to argue with the market. Contrary to the belief of some Wall Street seers, the market is never wrong. It’s always right about the only thing that matters. The price. The price is the price. Nothing that you or I, or anyone else thinks about it will change that. It is what it is. There’s a reason for Rule Number Two: The trend is your friend. It’s because in terms of trading, it’s all that matters.
Last week I talked about the need to suspend disbelief because Wall Street is theater. We need to believe But I’m having trouble believing these updated projections, just as I’m having trouble believing the Phillies winning every day lately. But I won’t argue with them. I’ll just shake my head and say “Hard to believe, Harry,” hearing Rich Ashburn’s deadpan drawl in my brain. So until the market decisively tells us otherwise, you gotta believe this. Non subscribers click here to access.
Cycles We are looking at a projection of xxxx on the 6 month cycle, with a high due xxxxxxxx xx- xxxxxxxx xx. The 13 week cycle high is now overdue and the projection for that cycle now matches the 6 month cycle projection. The 6-7 week cycle now points to a projected high of xxxx with the high overdue. Only 4 week cycle indicators are currently suggesting a down phase. Non subscribers click here to access.
Third Rail Channels – Uptrend channels haven’t been violated yet. A meltup channel starts the week at xxxx and has an upslope of 24 points per day to end the week at xxxx, That should be broken easily. A daily close below xxxx would be required to trigger a bigger short term trend reversal. Non subscribers click here to access.
Long Term Weekly Chart – The 10-12 month cycle bottom looks xxxx. The market is now entering an area of what should be massive resistance from xxxx to xxxx. 3-4 year and long term cycle indicators have not yet turned xxxxxxx. Non subscribers click here to access.
Monthly Chart – Clearing xxxx would make room for a move to xx-xxxx. Failing to clear xxxx would allow for a drop to trend support around xxxx. Non subscribers click here to access.
Cycle Screening Measures – The cycle screening aggregate stayed strong all week for the second straight week. It has formed a negative divergence with the market averages indicating fewer stocks participating, but so far, there’s xxxx xxxx that xxxx xxxx xxxxx xxxx. We need a xxxx xxxx xxxx for a sell signal. Non subscribers click here to access.
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.