by Erik McCurdy, Prometheus Market Insight
The decline today (25 March) has caused both short-term cycle oscillators to experience bearish crossovers and a bearish engulf pattern has formed on the daily chart. A close below 2,074 on the S&P 500 index today would generate a cycle high signal and indicate that the beta high (BH) of the current short-term cycle likely formed on March 23.
A quick rebound followed by an extended alpha phase rally that moves well above the previous alpha high (AH) near 2,120 would reconfirm the current bullish translation and favor additional short-term strength. Alternatively, a move well below the last short-term cycle low (STCL) at 1,995 during the beta phase decline would signal the likely transition to a bearish translation.
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