Again the shorter cycles offset. The 34TD cycle is more dominant and has bottomed and turned up. This not only offsets the down side pressure of the shorter 23TD cycle, but to a large extent offsets longer cycles which are turning down (but not yet in a hard down phase). So - I expect the market to trade sideways for the week with an upside bias for the week as a whole:
Sideways with upside bias (Jun 18 - 11:30AM EDT):
Continues sideways today (Jun 19 - 12:20) with little move up or down. May get movement after FOMC statement.
6-20-13 11:15 am EDT - Upside bias ran out of steam as shorter cycle hard down and longer cycles down prevail since FOMC (Benny) met the press yesterday at 2:30pm EDT. Looks like 1593 is next potential support:
Appears the upside bias has now been exhausted.
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