Glennob: Thanks. Will be curious to see whether the market can actually eke out a higher high for the 20-week cycle. If yes, bullish, if no, bearish signal for the 20-week cycle low.
So far the Tease game continues as expected. This retreat was mostly a technical one--and once again, the bears wanted to pour too much capital to the short side.
At the same time, I was surprised to see several sectors violate 50-dma's--at least intraday.
So we are just now completing the third 5-week cycle in the 20-week cycle. Significance? The 20-week and 10-week cycles down will provide more and more bearish evidence as we approach the 20-week low July 21 (+/- 3 trading days). But there will be plenty of lift and plenty to celebrate going into the July 4 weekend. After the 4th, I will be looking for evidence of the cycle top and breakdown into the cycle low print the week of July 13 (possibly the week of July 20) and then launching into the summer rally the week of July 20 or July 27.
Good luck everyone! I'm looking for a strong rally into the end of the quarter.
Ted
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