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 Short-Term Cycle Approaches Critical Juncture 0 comments
    Jul 2, 2013 12:32 AM | about stocks: SPY, DIA, QQQ

    Early last week, our cycle analysis identified the potential development of a short-term low in the stock market. On Wednesday, a cycle low signal was generated, confirming that the beta low (BL) of the current short-term cycle formed on June 24.

    (click to enlarge)

    The rebound off of the BL has struggled to advance during the last three sessions and the break below support at the lower boundary of the uptrend from November continues to signal caution from a short-term perspective.

    (click to enlarge)

    The recent deterioration in stock market internals indicates that the long overdue cyclical top could form at any time. The current short-term cycle has reached a potential inflection point and price behavior during the next several sessions could have a significant impact on the long-term outlook, so it will be important to monitor the development of this cycle closely.

    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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