Stock Market on Verge of Melt Down?
July 5th keeps coming back as an important cycle low for the stock market. The recent daily Bollinger Bands on the SPX shows increasing constriction, which in the past pointed to a possible melt down, similar to what we saw from August 18-24, 2015. This time around we have the same 115 TD's from January 20, 2016 to July 5th that we had from March 11, 2015 to August 24, 2015. July 5th is also an important Bradley turn on a new moon. Another similar Bradley turn occurs on another new moon November 29, 2016, which I believe will likely be another important low this year.
The charts below reveal my updated thinking:
Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The subscription website is www.blustarmarkettimer.info