After a terrific positive run of a touch past four months, the market and my key weekly indicators
have turned down. I did get an intermediate sell signal off my 40 wk. price oscillator as well this
week. SPX weekly Sometimes the signal whipsaws, but if it does, it tends to happen very quickly.
In addition the signal can often be early, but any rallies that come along, I will play with only a
minor portion of my trading capital.
The market did move down during my cycle low window period. Whether it will bottom and bounce
or move deeper into correction is not covered now by the cycle indication and only time will tell
from a cycle point of view. There usually are tradable bounces after a cycle low, but the market is
not oversold enough to be tempting to me.
Note on the chart there is a support / earlier resistance pivot line around the 1350 area. So, as we
move into next week, we are at an important short term directional point.
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