Both the Daily and he Weekly cycles bottomed out on Thursday, and the Daily is peaking already:
On average, there are three daily cycles per one weekly cycle.
Daily Market Breadth is getting overbought and overextended:
Cycle and technical analysis used to identify future Change in Trend (CIT) dates for the SPX and the major indices.
Both the Daily and he Weekly cycles bottomed out on Thursday, and the Daily is peaking already:
On average, there are three daily cycles per one weekly cycle.
Daily Market Breadth is getting overbought and overextended:
While the majority continues to panic, there are emerging signs of hidden accumulation and positive divergence:
The SPX dropped to within 10 points of the downside weekly target and finished the week like it did the week before - oversold market breadth and declining price targets:
The difference is that market breadth declined even further to levels not seen since December '23 and February '24. One can expect a similar reaction and a bounce off of oversold levels.
The next weekly targets are 5050 - 5250, Pivot line at 5150:
During an uptrend, oversold market breadth readings lead to an immediate rebound:
In a downtrend, the picture is different:
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