The market’s little pullback last week didn’t break anything. The short term trend is in apparent consolidation while the intermediate term still looks to be upward.
Cycles– The 13 week cycle high is ideally due on xxxxxxxx, but up to 4 weeks of variance would be normal depending on the skew of longer cycles. The mid week pullback last week invalidated prior cycle projections. The target is now xxxxxxx. Short term cycles appear to have peaked. I expect a little more xxxxxxxxxxxxxxxxxxx before the rest of the 13 week cycle up phase plays out. Non subscribers click here to access.
Third Rail – The rally faces 3 resistance trends. The first is short term, running from 3xxx to xxxxx this week. The next is the long term trend from the market top in January 2022. That slides from xxxx to xxxx this week. Finally there’s an intermediate trendline running from xxxx to xxxx. If those are cleared, the first target is likely to be the xxxx xxxx. Non subscribers click here to access.
To reverse this, the market would first need to smash the lower short term uptrend channel line running from xxxx to xxxx this week. If they stay above that, then ultimately we might expect 2 more thrusts to a target of xxxx. Non subscribers click here to access.
Long Term Weekly Chart – The market has cleared the downtrend line from the January 2022 peak, but faces more resistance around xxxx. It must get past that to signal with greater certainty that the bear cycle is complete. Non subscribers click here to access.
Monthly Chart –The market will need to end January above xxxx to break the major downtrend channel. Non subscribers click here to access.
Cycle Screening Measures – I now rate the short term pattern xxxxxxx, while the intermediate term pattern deserves xxxxxxx x xxxxxx rating. It suggests xxxxxxx trading. So we wait for a xxxxxxxxx xxxxxxxxx. 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.