Yesterday, our cycle analysis methodology issued a cycle high signal, indicating that the Beta High (BH) of the short-term cycle from late January likely formed on March 1. Today, the S&P 500 index closed sharply lower, confirming that the beta phase decline is in progress.
The S&P 500 has now retraced 18 sessions of gains during the last three trading days and the overbought correction has begun a test of support at the lower boundary of the uptrend from October 2011.
The character of the developing beta phase decline will provide the next signal with respect to long-term direction, so it will be important to monitor market behavior closely during the next two weeks. We will identify the key developments as they occur in our daily market forecasts and signal notifications available to subscribers.
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Stocks Confirm Formation of Short-term High
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