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The DJIA completed a 10 day correction of the 2/20
to 3/19 advance on the Near Impulse forecast date of 4/4. The two day
advancement from the 4/4 low, however, has occurred all within the range of the
pivot day, 4/4. I call this an iinside cycle and does not confirm a real change
in market sentiment. Bullish confirmation for this move will come with a
penetration and close above the 4/4 high. The overall DJIA configuration
does, however, remain bullish. The next NI forecast date is 4/12.
The broader S&P 500 has been correcting its
advancement from 2/22 to 3/19 for 12 days ending 4/5 and also remains in bullish
configuration. It also appears to be undergoing an inside cycle without
confirmation of the 4/4 reversal date. A failure here could send it down to 1090
- 1100 by the next CIT of 4/12.
The NASDAQ has a similar pattern with a NI reversal
date of 4/8, Monday. A leading indicator index I have been developing called the
Dynamic Balanced Price index, signaled an intraday reversal on Friday so
hopefully we will see an up day tomorrow.
The markets are currently extremely sensitive to
new impulses. Positive or negative news from the Mid East could impact the
direction Monday and , of course, new impulses are not
forecastable.
Jim White
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