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Earlier in the week I posted models of the NYSE and NASDAQ showing a
reversal confirmation based on market breadth.
The attached charts show the daily and weekly S&P 500 index with paint bars
representing sychronization of significant cycle lengths in the market.
These colorbars are usually within three days of major market moves and the
weekly can be used to establish preferred trading direction. As you can see,
it looks bearish. Furthermore all major indexes show the same thing.There is
no guarantee that we could not see higher highs and in fact I see the
potential for a short term reversal on Tuesday of next week but generally I
see little hope for an extended summer rally. I warned of this a week ago
and this adds more confirmation.
Next weeks upward reversal could be fueled by a significant decline in the
energy sector but there are too many factors favoring the continued climb in
crude oil prices so I see it as a temporary reaction.
Regards,
Jim White
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