Initial SPX selloff likely bottoms by 8/8; Amazon, Apple analyzed

The chart in this report is only accessible to members
The chart in this report is only accessible to members

Markets look to have turned down on schedule.  However, I suspect this won’t prove easy for Market Bears, and cycles show a potential turn 8/7-8/9, which I suspect will be a trading low which then results in SPX turning back higher back above 4600.    I am skeptical 4350-4400 is reached on this initial selloff from 7/27 peaks. 

Simply stated, Wednesday’s deterioration proved to be one of the largest one-day declines over the last month, but largely happened right on schedule based on cycles and sentiment.

As discussed last week, breadth deterioration coupled with DeMark exhaustion, cyclical peaks, bullish investor sentiment and some minor defensive strength provided a window for when markets might face strong resistance and begin to retreat.

Importantly, keeping track of 90, 180, 270 days, weeks, and months from prior highs and lows typically can provide ample clues when a possible change of trend might occur.  (As well as other key angles of the circle, such as 45, 60, 120,135, etc).   (This was initially discussed by W.D. Gann more than 100 years ago.) 

(Not only was last week important based on it being 180 days from our February peak, but also 180 months from our Mid-February 2020 ...
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