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Erik McCurdy
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Erik is the senior market technician for Prometheus Market Insight and has been performing chart analysis since 1995. The software program that he developed to monitor long-term stock market trends has correctly identified 92% of the cyclical turning points in the S&P 500 index since 1940. His... More
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  • Stocks Test Important Bull Market Support Level 0 comments
    Nov 13, 2012 6:29 PM | about stocks: SPY, DIA, QQQ

    The S&P 500 index reversed early gains to close moderately lower today, moving down to a marginal new low for the downtrend from October.



    (click to enlarge)

    From an intermediate-term perspective, the cyclical bull market from 2009 has returned to support at the lower boundary of the power uptrend from 2011. The lower boundary of this power uptrend is an important support level, so stocks should be monitored closely as this test proceeds.



    (click to enlarge)

    With respect to cycle analysis, the intermediate-term cycle from June continues to exhibit a bullish translation and the next important test of the cyclical bull market will occur after the next intermediate-term cycle low (ITCL) is in place.



    (click to enlarge)

    The character of the rebound off of the forthcoming ITCL will provide the next signal with respect to long-term direction, so it will be important to monitor market behavior closely during the next several weeks.

    We will identify the key developments as they occur in our daily market forecasts and signal notifications available to subscribers.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: SPY, DIA, QQQ
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