Will check it out. Here's a cycle update that's interesting:
Stockmarket Cycles update for Monday, June 22nd
We already gave you nominal 5 week downside closing price projections last week but we refined them slightly over the weekend. The refined projection for the S&P 500 cash index calls for 875.23-883.75. For the Dow Jones Industrial Average, the refined closing projections call for 8195-8310.
As prices were approaching their 55 day moving averages after the March bottom of this year, we noted that those moving averages were important barriers to overcome. At that time the barriers were overcome and the market preceded to follow through nicely with this bear market rally. Now the tables are turned and the 55 day moving averages have been met on the way down. The technical expectation would be that some kind of support would be found at these moving averages. We calculate both simple 55 day and exponential 55 day moving averages. As it turns out currently those moving averages are almost on top of each other. On the Dow, the exponential 55 day closed today at 8359 while the simple 55 day closed at 8338. The Dow closed today at 8339. On the S&P 500, the exponential 55 day closed at 893.95 while the simple 55 day closed at 892.85. The S&P index closed at 893.04. As you can see, prices on both the Dow and the S&P closed right at their important moving averages. The projections above suggest those moving averages will be broken on a closing basis at least by a small margin. It will be something to watch closely for over the next few days.
AI
