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The Stock Market’s Wedge of Reckoning

The market is in a rising wedge pushing against resistance, requiring a move above xxxx for an upside breakout or a close below xxxx to break the uptrend. While short-term technical bias remains bullish, indicators show a lack of thrust, placing the market in a high-risk window as it nears potential long-term cycle tops. 

Here are the support and resistance levels, cycle projections, and indicators to watch to determine the direction of the next big move. 

Market Coils and Risk Rises, But New Long Term Cycle Projections Are Here

The chart patterns “look” bullish to this old observer, but there’s absolutely nothing in the cycle structures or projections to suggest that a breakout is imminent or even likely. The market is tapping the top of its range, but it needs to prove that it will break out by doing so. If it does, then it has room to run to the 7200 range within weeks. If it doesn’t, there mere glimmers of a top, but again, proof of bear requires a big bite to the downside.

Markets Head into the New Year Looking Bullish, But Blindly

The chart patterns “look” bullish to this old observer, but there’s absolutely nothing in the cycle structures or projections to suggest that a breakout is imminent or even likely. The market is tapping the top of its range, but it needs to prove that it will break out by doing so. If it does, then it has room to run to the 7200 range within weeks. If it doesn’t, there mere glimmers of a top, but again, proof of bear requires a big bite to the downside.