After last week's failed call for a "relief rally" it becomes harder to accept bullish signals as seen in the McClellan Oscillator this week. There is the possibility of a micro-cycle high on/near Tuesday which gives the possibility of a 1-2 day rally but the next micro-cycle low is due June 29 which matches the Hybrid Lindsay forecast for a low near then which is outlined below.
June 27 - July 1 Low
Point E of a descending Middle Section on 4/9/14 counts 405 days to the high of the Basic Cycle on 5/19/15. 405 days later is June 27.
Point E of a descending Middle Section on 2/27/06 counts 1,890 days to the high of the previous Basic Cycle on 5/2/11. 1,887 days later is Friday, July 1 (US markets are closed on July 4).
A monthly cycle low points to a low near July 6. A separate, slightly longer, monthly cycle points to a low June 29.
A 222 day interval (221-224) from 11/20/15 points to a turn in the period June 28-July 1.
Get your copy of the June Lindsay Report at Seattle Technical Advisors.