12-22 mid week cycle update

We keep grinding higher and higher as the longer cycles up more than offset the medium and short cycles down.  Based on market action you get the feeling though that there is little or no upside left.  But feelings are not analysis. 

We could get some down action as early as tomorrow as the 34 day cycle tops and turns down.  A pullback to the 1240 range over the next 2 days seems possible.  But with the longer cycles pushing higher I would say the possibility of this is no more than 50-50.  It appears though the possibility of a pull back increases the week after Christmas as the cycle that has been pushing up since July 1 should top (180 days). 

So be on alert for weakness Wed/Thur and increase vigilance after Christmas.

Here is the SPX:

Gl traders - keep your stops fairly tight so you don't give a lot of your gains back if we get a down trend soon.