What are your thoughts about this 5/2 turn date that's being discussed?
Stockmarket Cycles update for Wednesday, April 25th.
Despite today's decent price rally and better than 2-1 positive breadth, we continue to maintain a defensive position. Today, the Dow Jones Industrial Average moved back towards its 1/3 Speed Resistance Line around 10,800 on the closing price chart, and the S&P 500 cash index returned to its 2/3 Speed Resistance Line on a closing price chart. Remember the closing price chart has a different low (April 3rd) than the intra-day price chart (March 22nd). For that reason, the 2/3 Speed Resistance lines are aligned differently for the closing and intra-day price charts. On the intra-day price chart, the S&P is above its 2/3 Speed Resistance Line and has backed up towards the line, while on a closing price chart, today's closing price halted almost exactly at the two-thirds Speed Resistance Line. The implication from both the Speed Resistance lines on the Dow and the S&P is that a decisive advance from these levels (greater than 2-3%) would be a strong indication that prices will move significantly higher. On the other hand, this is a logical place for a rally to be halted.
The Dow Jones Industrial Average has also moved back to its 200, 253 (one year), and two-year moving averages.
200- 10,615.80
253- 10,617.46
Two-year- 10,720.13
Today's close was 10,625.20.
Today's 10 day Trading Index closed at 0.96, the Open 10 at 0.875, and the New 10 at 0.84. The McClellan oscillator closed at + 70.6 with the Summation Index at + 836.
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