Last week's outlook was pretty much on target as we expected an up week. We expect the move up to continue this week with the 33TD (trading days) cycle topping toward the end of the week. The 11TD cycle should top around the same time. So by the end of the week these cycles should be ready to turn and may lose some momentum by Thur/Fri of the week. Still we should tests the old highs of Feb. 18 and may break them (but not by much). So we may get as high as 1353 or 1354. Note: based on the weakness down into Mar 16 and strength the past 2 weeks I concluded I needed to reposition the Wall cycle to account for this so it has been shifted right by about 17 days.
So I expect we may get some increased volatility by the end of the week as these two cycles (33 and 11 TD) top. So late in the week we may see shorter cycles starting to affect the market movement more and get more of a day trading market for 6-8 trading days.
Here is a visual:
Monday should be an up day as the longer cycles dominate. Also, the 5.6TD cycle is up Monday and the 2.8 day cycle is up part of the day. Possibly - Monday morning we fill the gap down from Feb 22 (1138-1140 approximately), and pull back some in the afternoon. Time will tell.
Here is the shorter cycles:
GL traders. Do your own analysis. Don't forget to start tightening up your stops by mid-week and it may not be prudent to try and continue to buy the dips except for day trading activity.
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