The S&P 500 index closed moderately lower today, generating a cycle high signal that indicates the Beta High (BH) of the current short-term cycle likely formed on April 17.
The stock market continues to track the bearish short-term scenario that we outlined two weeks ago and a close below the last Short-Term Cycle Low (STCL) near 1,340 would signal a likely transition to left translation and favor additional short-term weakness. Additionally, as expected, the cycle high signal that was generated today provided the next optimal entry point for a short swing trade with a stop level at or slightly above the Alpha High (AH) near 1,419.
The intermediate-term cycle from November 2011 continues to develop as anticipated following the formation of the Intermediate-Term Cycle High (ITCH) at the beginning of April. The latest Intermediate-Term Cycle Low (ITCL) will likely develop sometime during the next two to four weeks, probably in conjunction with the formation of the next STCL.
The stock market remains within a critical window with respect to long-term direction and it will be important to monitor price behavior closely during the next several weeks for additional signs of a cyclical top.
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Stocks Begin Important Beta Phase Decline
Published 04/24/2012, 02:36 AM
Updated 07/09/2023, 06:31 AM
Stocks Begin Important Beta Phase Decline
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