Good Evening,

Key Takeaways

  • Thursday’s decline might be getting a bit stretched, but even short-term lows likely won’t materialize until early next week & should prove brief – Downtrend very much intact.
  • Treasury yields showing evidence of rolling over, i.e. Treasuries bottoming out this week.
  • Equity Put/call getting close to levels of importance, but still no capitulation.
The video in this report is only accessible to members
The video in this report is only accessible to members
SPX is now set to record one of the weakest weeks since January with AAPL and MSFT’s recent support violation causing a huge headwind for indices to stabilize just yet.  RSI has now officially gotten to levels that many would argue are oversold on weekly charts.  However, as we all know, buying/selling on the first sign of Oversold/overbought is rarely the correct thing to do. Overall, prices are nearing targets at 3815 discussed in January as being important.  However, time is not quite there to indicate a serious low is at hand.  DeMark indicators on weekly basis are not yet showing exhaustion, and my cycle composites suggest June might be more important than May for any kind of important Market low.  Thus, my thinking is that while a short-term low could materialize starting next week, it shouldn’t prove too serious, and ultimately lead to a f...

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