Short-Term Forecast For Friday, July 10

We are 9 sessions into the alpha phase rally of the short-term cycle that began on June 27.

(Click on image to enlarge)

An extended alpha phase rally that moves up to new highs would reconfirm the current bullish short-term trend and forecast additional gains. Alternatively, a quick reversal followed by an extended alpha phase decline that moves well below the last short-term cycle low (STCL) at 3,009 would signal the likely transition to a bearish short-term trend.

S&P 500 Index Daily Chart Analyses

The following technical and cycle analyses provide short-term forecasts for the S&P 500 index.

Technical Analysis

The index closed moderately higher today, moving up toward previous highs of the uptrend from March. Technical indicators are neutral to slightly bullish overall, suggesting that direction is in question with a slight upward bias.

(Click on image to enlarge)

Cycle Analysis

We are 9 sessions into the alpha phase rally of the cycle following the short-term cycle low (STCL) on June 26. An extended alpha phase rally that moves up to new highs would reconfirm the current bullish short-term trend and forecast additional gains. Alternatively, a quick reversal followed by an extended alpha phase decline that moves well below the last short-term cycle low (STCL) at 3,009 would signal the likely transition to a bearish translation. The window during which the next STCL is likely to occur is from August 7 to August 27, with our best estimate being in the August 19 to August 25 range.

  • Last STCL: June 26, 2020
  • Cycle Duration: 9 sessions
  • Cycle Translation: Bullish
  • Next STCL Window: August 7 to August 27; best estimate in the August 19 to August 25 range.
  • Setup Status: No active setups.
  • Trigger Status: No pending triggers.
  • Signal Status: No active signals.
  • Stop Level: None active.

(Click on image to enlarge)

Short-term Outlook

1 2
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.