HOLDING THE 200

Last week the market regained the 200 week moving average. I suspect after the brief  2 day move back below that level we will see the market now hold above this major support level.

Yesterday's rally was strong enough to form a swing low and should mark the bottom of the daily cycle. I'm still expecting the new daily cycle to move back to new highs before topping in mid to late December and rolling over into a more substantial intermediate degree correction in January.