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SPX - We are really well along in the entire intermediate cycle, so I would expect this daily to top and become L.T. and begin to drop. We are overdue for an ICL, but these markets have just been pure bullish.
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This was my IBB Weekly chart on June 20th. It is breaking out in bullish manner ( It hit 316 yesterday) and has the potential to get to 330 in a few weeks. The daily chart could back test the break out or it may just bull flag and continue higher.
I will discuss this further later in the report.
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So far, The SPX has put in a swing high every 4 days or so, 🙂 and here we see another one. Since we are getting late in the intermediate cycle, and since we are on day 22 of the daily cycle, I am watching each swing high as a possible top. A break of the lower trendline could escalate the selling, so my stop would be below that.
The NASDAQ...
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