Erik McCurdy's  Instablog

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 Struggle To Rebound Off Of Intermediate-Term Low 0 comments
    Dec 6, 2012 7:34 PM | about stocks: SPY, DIA, QQQ

    In mid-November, our cycle analysis predicted the formation of a meaningful low in the stock market. The intermediate-term cycle low (ITCL) developed as expected during the week ending November 16 and the rebound off of the low has struggled during the last two weeks, also as forecast. The character of the rebound off of the latest 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.



    (click to enlarge)

    Additionally, as noted last weekend, the annual cycle from June is on the verge of a meaningful development and a long-term signal could occur as soon as the end of December.



    (click to enlarge)

    With the intermediate-term cycle and the annual cycle both on the verge of significant developments with respect to long-term direction, it will be important to monitor market behavior closely during the remainder of December. As we often note, charts do not always have a meaningful message to convey, but it is important to listen to them carefully when they do.

    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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