Quick review of posts made in my private blog
1. My last commentary on this public blog on 7/8 was that we made a 7/7 Major High, which we saw (#1 on chart, click on chart to enlarge)
2. Cycles were then suggesting a 7/14 Low, actual: NDX 7/14L, SPX 7/18L (#2 on chart).
3. We then rallied into 7/21-22 double CIT, making a double High with the 7/7 High (#3 on chart).
4. The next major CIT was Friday 7/29 Solar CIT and 8/1 Cycle CIT, which was an 8/1 lower High (#4)
The markets was looking for trouble when we closed below the Trapdoor to Hell at 1260 SPX Major support a few days ago. The markets also closed below the 3/16 Low at 1249.05 SPX, remains below the 200 DMA (1285), below the 1275 SPX 1X1 Line from the 3/6/09 Low. This remains very bearish.
We have declined into the 8/4 Geometric CIT and 8/5 Solar CIT, suggesting a short term Low is at hand, but Bearish Momentum remains strong, so be careful as cycles suggests this decline is not quite over.