4/7 Conclusion: We are in a cyclical bull market (since February 2016) within a secular bull market (since early-2009), and neither show signs of abating. I expect the market to continue correcting the excesses from the advance off the October lows, but I wouldn't bet against the bull. When will the correction end? For me, the first sign that a new up leg was beginning would be when the daily PMO turns up. That is a very short-term and somewhat fragile signal, but it will definitely get my attention.
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