Eyes on the bigger weekly cycles

Equity price action has been broadly messy for the better part of two months. Price structure in the bigger weekly cycles is looking much the same as last Nov/December. An eventual big break lower remains due... with a viable monthly close under sp'2K.


sp'weekly1b

sp'weekly1c - time fibs

Summary

A fourth consecutive net weekly decline is now on the menu. In theory.. a weekly close around the giant psy' level of 2K would be a rather appropriate target for this Friday's opex close.

re: weekly1c. Time fibs are semi-kooky stuff, and its something I occasionally look at.

For those that have never used them.. you just start from a given date - in this case, the May'2015 high of sp'2134, and the various key fibs (see numbers at base of chart, 1, 2, 3, 5, 8, 13.. etc) offer potential key turns/moves.

The next time-fib turn lines up well with a VIX weekly MACD cycle that is set for a bullish cross by end May.
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Market chatter from the Schiff



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Looking ahead

Wed' will see the latest EIA report, and the FOMC minutes (2pm).
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Goodnight from London