Previous Weekly report
SPI Primary and Monthly cyclesThe SPI didn't move down into MY BUY zones in July...
but instead continued upwards in the last week of the Quarter from Primary support, and looks to be moving back towards the Quarterly 50% level @ 4721, and could go as high as 4804.
The up move was helped by the price action in the S&P 500 on Wednesday, with its breakout of the Weekly highs @ 1295, (Read US Index report)
Even though the market could go as high as 4804, I feel that the market will once again move into another large 3-month sideways pattern. I'd be very surprised to see the market spend too much time above that level
The Market could revisit the July BUY zones in the 3rd Quarter, once it hits the 3rd quarter 50% level, simply because, fundamentally things around the globe aren't providing many positive signs that would lead to another Bull trend towards new highs in 2011
If the SPI continues to trend upwards and close above 4804, this will turn the Secondary cycles to Bullish once again after rising upwards from the Primary support level @ 4442
However, I would still like to see the market move into another 3-month sidways pattern, and then use the cycle turn around as support for the next leg upwards in the 4th Quarter.
