As expected we did move back up to 1220. Not only did we test 1220 we broke slightly above that level. The 1229-1230 level is now in play. This week we should see the 22TD cycle top. Also there is the 20 week cycle which bottomed in early August that should be nearing a top. These cycles topping should result in the market topping by mid week. So far earnings results have been mixed. The 20 week cycle:
Monday the 22TD cycle is up but momentum should start to fade as it starts a topping process. The 11.2TD cycle and 5.6TD cycle are down on Monday. The 2.8TD cycle is up. The 34TD cycle should still be up for about another week. So I expect Monday to be flattish (up or down 5 points or so on the S&P).
Here are the SPX swing cycles:
GL traders. Do your own analysis
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