Daily Update

What a day! When all long, medium, short term cycles are down - that's what you get. It is not the FED or politicians or economy or China - it is the price cycle and the former are just a catalyst. The catalysts changes its face from cycle-to-cycle. Below is the weekly cycle chart from NYSE Composite Index (dating back since 2016) timing the precise recent peak and keeping us and our subscribers on the right side of the market.

Both short term and daily charts are super oversold - so there should be some bounce. With another sell off in futures during after hours re-open, there was a negative divergence in hourly charts and was a good time to cover shorts at 2777 in the short term.

Hourly and 4-Hourly trend is at <SP_H> and <SP_4H>. Weekly trend is at <SP_W>. The short-term bounce could possibly back test the hourly and weekly trend level. However, for down trend to continue this resistance needs to hold.

NYSE Composite Index - Weekly Cycle Chart - (2016 to 08/05/2019)