SPX Cycle Update:
On the Daily chart the UTL is now at 1158.6. That is a drop of 6.87 from yesterday. So now that could put the UTL at 1152 on Thursday and 1145 on Friday.
Current price level is at 1114.3 which is below the lower trend line (1130.57). I would expect resistance at the 1130 level. So, I now am doubtful that the UTL will be reached by Friday and that the current Daily cycle Phase I will more than likely be extended into next week.
Since the Daily cycle will be extended I would also expect the weekly cycle to be extended.
The monthly is now below the UTL price(1134.95). So a new monthly cycle Phase I has a good chance of starting on June 1st. I still believe that a new monthly cycle Phase I will be of one month duration and the bull market will continue in July.
My projected low target is currently 1000 to 1040.
JMHO, Lindy
"Buy low, Sell high, stay with your system. If your system breaks fix it."
