I wish I could get a clearer reading on what is happening in the market. At this time though I find no cycle combinations that seem to explain the market action. Doesn't mean there isn't an explanation, just means I am unsure of what it is. January is starting out the year showing strength (same as last year) - so maybe there is a one year cycle in play. No high level of confidence in that.
Based on my cycle work I believed we would have topped by now (and maybe we did Friday?) and be showing weakness. It seems we have achieved the levels (or more) one would expect from the amplitude of the DPO. The CCI seems to be indicating a possible top. Some other technical indicators like the MFI are also at extremes.
So what would it take to turn the market. I suppose a bad report from a major company like IBM (the model of consistent performance) which has a new head that decides to do some house cleaning might do the trick. All we can do is wait and see.
GL
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