Cycle Turn Dec 8th
While the charts do not support a reversal to the upside, we did have a down week on the Nasdaq. The DJIA and S&P500 finished up for the week. The question remains which index does the bradley best fit? It has been stated that the S&P 500 is the classic model that most closely follows Bradley moves. While I am almost exclusively a follower of the Nasdaq myself, I tend to believe the Bradley takes into account a culmination of movement for the market as a whole. After all, Bradley Cycles are based on the psyche of the market.
From what the charts are showing, we are in a slight downtrend. Therefore if a turn were to occur it would be suspected that this turn would move in the opposite direction of the current movement, otherwise it would not be a turn would it? Either way, there is a +/- 4 day margin for error that goes along with the Bradley model. So we may still tag that 50DMA we have become so accustomed to taking out before a trend reversal occurs. Then again the indices have been rather volatile as of late and we may just get an upside surprise.
In general we seem to be in an area where the market is trying to look forward and decide if whether or not there is enough justification for more upside. We may remain choppy and sloppy until Mr. Market comes to a conclusion and either gives us the real correction that has usually occurs (according to past history) during a 50 week cycle trend or just decides to skip it altogether and take us to new highs.
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