By Poly

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FT

 

There is not much of note to add to my equities analysis midweek, only to state that the bid under the markets appears to be real and firm. If this was a fake move designed to trap speculative bulls, then I believe the markets would have reversed the second they made new all-time highs.

As equities made a Day 11 high yesterday, that may be the extent of the move for the first half of this Daily Cycle. Although another push to new all-times could come this week, in general, it is more likely now that the next significant (short term) move is to retrace back towards the next Half Cycle Low. Of course, it is difficult to predict the day to day movements, but a new (significant) upside move should not occur until we first see some type of consolidation period over the coming days. It does not necessarily need to come in the form of a price decline, but some time in this area would be needed before the next move occurs. Overall, this setup is positive and there is no reason why we shouldn’t eventually expect a continuation of the rally.

2-18 Equities Daily

 

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