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S&P Cycle Points Lower (by Mike Paulenoff)
Today is day # 59 within my 70-75 day S&P 500 cycle. This means that the cycle is 79%-84% complete (from its prior low on March 16), and also means that it is in its final 15%-20% (down hard) period ahead of its anticipated low/bottoming timefame in and around the end of June-early July (June 27-July 6).
Also due to bottom at that time is the 20-25 day cycle, forming a "dual cycle low."
Rallies usually fail and surprises tend to trigger negative price reactions within this "down hard" portion of the dual cycle period. My next optimal target zone points towards a test of critical support around 1255-1249, which represents both the rising 200 DMA and the prior significant (dual cycle) low at 1249.05 from March 16.
Originally published on MPTrader.com.