After the new ATHs from 2 weeks ago, the market moved mostly sideways during last week, in a choppy move that looks more like a correction/consolidation than a change of trend.
As the market didn’t move much in terms of points, there is no change on the weekly cycle. YM is still respecting its resistance level, while ES spiked above but didn’t break out. The directionality tool is becoming thick which likely anticipates a turn (lower in our case), but that can still take a while.
On the daily cycles we had a rather interesting development. Both YM and ES are in up impulses and held the initial decline. And ES painted a bullish retrace (BR) support in a sign that the up impulses is unwinding. That points up, until a corresponding END resistance shows up. Directionality is still stuck at the lowest level which is not supportive for a sustained up move.
The 288 and 480min cycles
You need to be authorized or upgrade to see this content. Please go to http://mcm-ct.com/membership-signup-dev-2/ to sign up.