The S&P 500 index rebounded from large early losses to close moderately lower today, retreating from recent highs of the cyclical bull market from 2009.
At the low of the session, both cycle analysis price oscillators experienced bearish crossovers and a bearish engulf pattern formed on the daily chart, forming a complete cycle high signal. However, a rally during the final hour of trading cleared both conditions, leaving only one bearish price oscillator crossover.
Stocks continue to track the bullish short-term scenario we outlined in April and the Beta High (BH) of the current cycle could form at any time, if it has not already occurred yesterday. Additional weakness tomorrow would result in the generation of a confirmed cycle high signal that would indicate the beta phase decline had begun.
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