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The State of the Trend
Market breadth peaked on November 6th the day of the US Presidential elections:
And the indices have been in decline ever since, reaching our target of 1377 by the end of the week:
The market breadth cycle continues to closely follow the dominant cycle, and the next upswing is expected to begin shortly, which will help stem the decline. We also continue to monitor the similarities with the April-May consolidation and subsequent decline, and keep an eye on the Election Year cycle:
In summary, the daily and weekly trends are down, but a sideways/up phase is expected to commence shortly. The first resistance level to the upside is 1391. The next cluster of support comes at the 1341 - 1355 level.