WEEKEND REPORT – Subconscious

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Have you ever heard someone say, "In the back of my mind, I was thinking about..." ? Well, in this weekend report I'm going to discuss my analysis ( technical / Cycles / etc)  and the conclusions that are drawn from that, and also what has been subconsciously ' in the back of my mind ' in a few areas.

 

SPX - Friday I pointed out that we could bounce here, but I still expect a drop from my analysis.

We did get the bounce at multiple support areas after filling a gap & 'buy the dip' has been working.

 

These patterns do look similar, and some may think that it would lead to further rally upside...

But ' in the back of my mind '...

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Friday May 19th

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It is the final trading day of the week, so let's review the market action...

 

SPX - The SPX backtested the break out trend line and bounced after filling a gap. Please read the chart.

Some may think that this is the dcl, and the "buy the dip'" team has rescued it again.  That might be true, however...

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May 18th – Change

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Wednesday brought along some changes, so let's take a look at what we have...

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LONGER TERM VS SHORT TERM

SPX #1 - We are due for a DCL & and ICL in the bigger picture, so I had posted these charts on May 4th showing possible ICL targets ...

And MAY 13th for the weekend report,  a possible dcl target

However, shorter term the markets have been very strong & BUY THE DIP mode kept kicking in, so I actually looked for 1 more push higher.

 

SPX MAY 17- However this looks like time is up.  That drop into the next dcl is likely taking place

This adds to the story...

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