Comments and outlook for 06-27-2011

Update - 11:40 - well this is not how I thought the market wild behave today (so far). 

Last week turned out to be more bearish than I anticipated as it seems the longer cycles took firm control by the last two days of the week.  Of interest is Jun 22 was a Bradley Turn date:  http://swingcycles.blogspot.com/2010/12/12-15-bradley-turn-dates-2011.html 
The next turn day of interest appears to be late July.

So now it appears the 20week cycle down side momentum is picking up and the 1 year cycle is pushing hard to a bottom July 1 or July 5.  I expect these 2 longer cycles to dominate Monday.

The 22 TD cycle continues up for about 3 days into Wednesday.  The 11.2TD cycle is down.   The 5.6 day cycle is up, but should top by 2:30-3:00 in the afternoon.  The 2.8TD cycle is down and should bottom about the time the 5.6TD cycle tops.  So it appears that the shorter cycle has a neutral to slightly down bias (leaving the control to the longer cycles).

I expect on Monday we will break below the 200 Day MA and probably the 1259.55 FIB and possibly test the Mar low of around 1250.

Here is the visual of the SPY:

GL traders.  Do your own analysis.  Beware the bear.