Lee Adler's signals are bullish, but he's watching for a "rollover." Similarly, Allan Harris's charts may be saying "YES" but his realistic side is saying "NO." ~ Ilene
Market Reached Long Term Inflection Point
Courtesy of Lee Adler of the Wall Street Examiner
The market is approaching a major inflection point as it rolls toward a test of the April high. Technical indicators are strengthening, and the 6 month cycle projection points to 1470. That would be more than enough to turn long term indicators bullish, but I will remain vigilant for signs of a rollover in the days ahead.
Allan Trends Mid-Session Update, Aug 7:
SPX Daily
INDU Daily
On these daily charts, the top Trend Regression Channel Line will be broken to the upside or once again act as resistance and send prices back toward the bottom of the channel as it has done four times in the past two months. More in the Market Close report.
Read more recent analyses by Lee and Allan in this week's Market Shadows Newsletter.
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