E SPX Rolling Over?

Current Position of the Market

SPX: Long-term trend – We are in an official bear market

Intermediate trend Concluding initial rally in a downtrend.

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 longer market trends.

Important Cycles 

Next 80-day Hurst (45-td) cycle due ~6/08 

Point & Figure Overview of SPX

Intermediate trend:2650 minimum into 80-day cycle low.                                                                                                                                                             

Market Analysis (Charts courtesy of QChart)

SPX-IWM weekly charts  

The indexes made their highs two weeks ago, retested them last week, again found resistance, and closed in the middle of their weekly range. Note that the index made three consecutive weekly attempts at going beyond the 2018 high of 2941 and appears to have given up trying. This is a sign that the Hurst 80-day cycle is beginning to bring pressure on prices which should intensify and last into early June.

The P&F chart has made a top formation which could turn out to be a warning that a severe decline lies ahead. This formation is made up of several phases and the current phase from which the downside projection is derived has a minimum count to 2650. This represents the amount of selling pressure available to the next 80-day cycle, but it could legitimately be expanded to 2560 and even 2500 if 2650 is reached ahead of the cycle bottom.   

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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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