Thursday 17 May 2012

Daily Cycle Update

The bearish trend continues, we are day'11 down and this is now the longest down cycle since the July/August collapse wave of 2011.

Lets look at the daily cycles, but from the simpler view, via the Elder Impulse system, which is especially useful when considering the overall trend.


Dow


Nasdaq Comp



NYSE Comp


SP



Transport


Summary

Only the transports index today gave the slightest hint of a possible trend change. All other indexes remain on what has been a relentlessly slow..but steady decline of around sp'100 pts - a pretty strong decline on any basis.

Clearly, there is no trend change yet, bulls will need to see at least a close in the low sp'1350s to confirm a bounce is underway, and even then, upside is likely limited to 1370/80 sometime next week.