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Market Summary
The indexes continued the bounce on Friday but stopped at levels where it is about a coin flip, whether they will continue the bounce still higher or turn down toward a lower low.
· There are some contradictory indications. Higher price projections are available, but short-term cycles suggest a down bias next week. The EW structures also allow for both options. I discussed the options in great depth in the premium content.
· In view of that, if I were a betting man, I would want to see another card or two before making my bets. These situations do not happen often, but when they do we step aside until we get more clarity.
· My intermediate- and long-term views have not changed.
Market data as of close on 26 Apr. 2024.
Magnificent 7 – TSLA Again
· TSLA had a nice weekly reversal bar on increased volume. Positive!
· It is breaking above the DTL of the wedge and pausing at 10W EMA (green).
· TSLA has a 20D cycle target of 184-194.5.
· Getting there is likely and will overcome 10D and 20D EMAs and likely start to generate additional upside targets.
Market Research – Extreme Overvaluation
· Another, for the 3rd time in 100 years chart, different valuation metric. Just read it rather than paraphrase Hussman’s research. https://www.hussmanfunds.com/comment/mc240321/
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Cycle Analysis of Major Indexes
The cycle composite from the hourly chart suggests generally down this week and then. . .
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