Mighty Market Continues Advance


A final thrust to about 3300 is possible when the trade deal is signed next Wednesday. I was again too conservative in my price estimate, but probably not wrong in this being the final thrust for this bullish market phase from 2856. With the cycles discussed above due to make their lows in February, SPX and other benchmark indexes are likely ready for a sharp correction.

Current Position of the Market

SPX: Long-term trend – There are no signs that the bull market is over.

Intermediate trend –Most likely near an intermediate top.

Point & Figure Overview of SPX

Long-term trend:The bull market which started in 03/09 shows no sign of having run its course.A rough count taken on the long-term Point & Figure chart gives us a potential target to as high as 4080.P&F does not predict time, only price. (no change)

Intermediate trend:A more recent re-accumulation phase on the 3X10 chart projects 3330 to end this short-to-intermediate trend. 

Important Cycles 

In February, three important cycles are scheduled to make their lows:The 2-yr cycle, the 20-wk cycle, and the 80-day cycle.  

(All charts are courtesy of QChart)


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Analysis of the short-term trend is done on a daily basis with the help of hourly charts. It is an important adjunct to the analysis of daily and weekly charts which discusses the course of ...

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