This post updates my Oct. 24th post regarding the intermediate term U. S. stock market.  See that post for a description of what is being displayed here in today’s chart, which is current through the end of last week.

We see that the TopFinder that was running was broken through on the week before last, and is now shown here dotted.  Had it not been broken, it would be 84% done now, and we’d be still expecting the uptrend to continue until the price bars reached the dotted red vertical line.  But it’s over.  This means we expect, at the least, price will respond by pulling back to a near support level, and it appears that it has already done that.  Last week, price came down and supported at that purple support curve that was launched from the minor low in the week of Aug. 21st.

So, on this timeframe (weekly bars chart), we are now in the indecisive consolidation that follows the end of a TopFinder, before the market decides what it is going to do next.  See my next blog post here, which updates the long term timeframe, and gives us a wider perspective as to what’s happening.

As always, my disclaimer applies to this post.  See it under this blog tab.

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