We have had a second solid week up in the US equity indices since the last test of critical support. The fast dominant cycle is in an up phase into middle of next month which supports the theme that between now and the next FOMC meeting will be a period which the equity indices have the lion share of the gain from the wave (iv) low. I'm a little skeptical they get a new high in by then but neither is it impossible. I still favor the equity indices holding up into the next cycle inflection in late August.
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