Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Timothy Technography
3 hours ago
WaveTech daily momentum for RUT (for this wave cycle that bottomed near mid April) peaked around (or just after) May 15, and yesterday was the lower high peak. In mid May, I expected this to be a higher high or similar but the projections kept weakening since mid May, and the rally into yesterday failed to materialize until after CPI, and that's too late to make more of a difference in an already defined pattern where RUT resumes selling momentum that daily chart's PPMs indicate continues until (USA) Independence Day. Such projections that many periods out (> 10 days on this daily chart) aren't to be trusted beyond a likely suggestion, and the weekly RUT PPMs indicate a bounce the week of June 24, and that's more reliable since only 2 tick marks (periods) out on weekly chart. So there's still hope. But I exited 2/3 of my small and mid caps in retirement and health savings accounts and all my IWM call options yesterday based on daily and intraday projections that overall point this decline into early June. My guess is small caps will lead large caps lower, it appears, like what I pointed out in early April. But I'm not betting on SPX heading substantially lower just yet and kept my SPX like holdings as is but did scale back one-third on NDX (Nasdaq 100) type holdings b/c it too looked more vulnerable to decline that can be bought back cheaper later. I'll update as time permits. At 9:40-9:50 AM, that's my update for today.
0
0