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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Prometheus Market Insight
  • Stock Market Enters Important Short-Term Cycle 0 comments
    Jun 11, 2013 9:09 PM | about stocks: SPY, DIA, QQQ

    Last week, our cycle analysis identified the potential development of the latest short-term cycle low (STCL) in the stock market. On Friday, a cycle low signal was generated, confirming that a new short-term cycle is in progress.

    (click to enlarge)

    With respect to technical analysis, the uptrend from November remains extremely overextended and a break below key support levels would signal the likely start of a potentially violent overbought correction.

    (click to enlarge)

    This is an important short-term cycle and market behavior during the next several sessions could have a meaningful impact on the long-term health of the bull market from 2009.

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

    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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