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Market Summary
· Short-term cycles still provide some down bias! Not much else has changed since the last report.
· What is next?
· SPX and DJI were slightly red and NDX slightly green on Monday. Mostly a non-event day.
· But some fireworks/turbulence may occur on Tuesday as several FED governors will speak, including Chair Jerome Powell. Then, a CPI report on Wednesday. So there could be some whipsaws for short-term traders.
· There is a “battle” between short-term and intermediate-term cycles until the end of the month. The former indicate down, while the latter indicate up. This brings a degree of ambiguity in the market forecast. My best guess is some down bias toward the end of May followed by a strength in early June, then down.
· Correspondingly, we may still see twists and turns until June before a bigger correction commences.
· It is still a good strategy to sell the rips (RIPs), i.e., raise cash, gradually, as we have been suggesting since December and especially since Feb-March. 🤑
· My intermediate- and long-term views have not changed. They are bearish. 👇️
Market data as of 8 pm on 13 May 2024.
Gif by nickelodeon on Giphy
Powel and CPI can cause some whipsaws or turbulence on Tuesday and Wednesday!
And now, continuing with Magnificent 7.
AAPL Cycles
· AAPL started to drop in Dec’23, well before the market did. The bounce in progress is likely almost complete as an A of an AB-C corrective retrace from the April low.
· The cycle composite from the daily chart below suggests B into and of May then C up into July.
· After the mid-summer bounce AAPL should continue its downfall into early 2025.
· Then a bigger move up is possible in 2025 but I will re-evaluate at some appropriate time.
For your benefit, follow me on X (formerly Twitter), where I often post important and timely charts between newsletters.
On Sunday I posted this analysis of the Cup & Handle (C&H) pattern target that coincides with a preliminary cycle target to a new high for NDX.
#NQ target for C&H almost coincides with a preliminary 80D cycle target I got! Pay attention!
$NQ $NDX #NDX#QQQ $QQQ #Techs#StockMarket— BraVoCycles Newsletter (@BraVoCycles)
7:47 PM • May 12, 2024
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Cycle Analysis of Major Indexes
· As stated last week, the short-term cycle may provide some down pressure toward late May. . .
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